GBMorgan Chase is one of the giant names in the global financial arena.
According to informed sources, revealed to “CoinDesk” that the “GB Morgan” Bitcoin Fund may be launched as soon as this summer.
Enterprise Bitcoin Provider NYDIG will act as GB Morgan’s Custodian Provider.
According to the same source, the GBMorgan Bitcoin Fund will be actively managed, that is, unlike what other companies such as Pantera Capital and Galaxy Digital provide, which allow wealthy clients to buy and hold Bitcoin through the funds without controlling it themselves.
The same source also stated that the “GB Morgan” fund will be for private wealth clients.
The move towards Bitcoin marks a sharp turn for the bank, which manages $ 3 trillion in assets.
Earlier, JPMorgan CEO Jimmy Dimon described Bitcoin as a dangerous scam in 2017.
Despite its personal CEO’s contempt for cryptocurrencies, senior lawmakers in the corporate banking and investment division acknowledged in February that a customer’s demand for bitcoin could force the institution to change its view of bitcoin.
GBMorgan’s massive investment, commercial banking and wealth management divisions have gradually evolved in their handling of cryptocurrencies and blockchains, even if the bitcoin fund to be offered to users is new.
The bank’s research analysts regularly release market insights on bitcoin price and prospects in reports available to clients.
The company’s Onyx division is seeking to speed up interbank payments via blockchain technology and JPM Coin, for example.
After five years of quiet development, Onyx is launching a global recruitment drive for blockchain engineers.
The new GBMorgan Fund product will be the bank’s first product to directly rely on Bitcoin’s performance.