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- Wells Fargo filed a private bitcoin (BTC, +5.42% ) fund with US authorities on Thursday, making it the latest megabank to provide an indirect crypto investment vehicle to its wealthiest clientele
- As of Thursday, no sales have been made in the new fund, FS NYDIG Bitcoin Fund I, LP. The Securities and Exchange Commission received JPMorgan’s passive bitcoin fund on Thursday
- In recent months, Bitcoin has gained widespread recognition. According to a CNBC story, Morgan Stanley (MS.N) became the first major U.S. bank to provide bitcoin funds to its wealth management customers in March
Wells Fargo filed a private bitcoin (BTC, +5.42% ) fund with US authorities on Thursday, making it the latest megabank to provide an indirect crypto investment vehicle to its wealthiest clientele. According to a source familiar with the subject, the new fund would be passive, a departure from previous rumours that Wells Fargo will market rich investors an actively managed offering. According to regulatory papers, NYDIG and FS Investments are working with Wells Fargo on the sale; the two have previously collaborated on bitcoin funds. Through two companies, Wells Fargo receives a share of sales.
As of Thursday, no sales have been made in the new fund, FS NYDIG Bitcoin Fund I, LP. The Securities and Exchange Commission received JPMorgan’s passive bitcoin fund on Thursday. It also cooperates with NYDIG, as CoinDesk previously reported. WFII believes that cryptocurrencies have acquired stability and viability as assets, but the dangers lead us to recommend that qualified investors only participate in cryptocurrencies through professionally managed funds.
In recent months, Bitcoin has gained widespread recognition. According to a CNBC story, Morgan Stanley (MS.N) became the first major U.S. bank to provide bitcoin funds to its wealth management customers in March. find out more According to CoinDesk, JPMorgan Chase & Co (JPM.N) is also planning to allow select clients to participate in an actively managed bitcoin fund for the first time. After China prohibited banking and payment institutions from offering cryptocurrency services, bitcoin and ethereum had their worst one-day percentage decline since March last year.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
