Wells Fargo and JPMorgan are developing bitcoin funds with NYDIG – Money Times

bitcoin
Despite regulatory challenges, the US institutional sector is keenly interested in indirect exposure to cryptocurrencies. NYDIG seems to be the institution that will help them in this mission (Image: Unsplash/Executium)

A trio of documents sent to the US Securities and Exchange Commission (SEC, the acronym in English) reveal that Wells Fargo (WFCO34) and JPMorgan (JPMC34) are working with the investment services company NYDIG to offer investment exposure from bitcoin (BTC) to their respective customer bases.

Two From announcements name JPMorgan Securities as the recipients of two of the shares linked to the bitcoin fund. Another press release name Wells Fargo Clearing Services.

All three will offer “investment fund interest” from private issuers that NYDIG has decided to store bitcoin.

JPMorgan’s second offering is linked to NYDIG’s Cayman Islands broadcaster. In the case of this partnership, the minimum investment accepted from outside investors is US$100,000 while the two other documents are based in the US and have no foreign investment quota.

In all three cases, the communications indicate that partner banks will receive distribution and customer service fees, referring to NYDIG. The documents do not state whether sales were made in connection with the funds.

NYDIG has $6 billion of assets under management and keeps expanding. In the second quarter of this year, it had announced new partnerships to enable easier access to bitcoin in the banking sector.

Meanwhile, JPMorgan has been increasing the number of employees for your blockchain unit Onyx and has recently taken steps to allow their Wealth management clients invest in crypto funds.

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