JPMorgan is planning to launch a Bitcoin Fund that will only be accessible to certain private clients. Upon successful launch, the banking giant will become the first bank to offer such a service. Familiar sources CoinDesk that Bitcoin financial services firm, NYDIG, will serve as custodian for the fund.
JPMorgan’s move is a perspective shift from its earlier position on the asset. Years ago, the company’s CEO Jamie Dimon referred to Bitcoin as “fraud” and predicted that “it won’t end well.”
Dimon was a who passed negative comments against the crypto asset on several occasions. Once, he warned that anyone who is “stupid enough to buy it [Bitcoin], will pay for it. In addition, Dimon threatened to “fire in a second ” any of its employees that trade the king coin.
Before the recent announcement, JPMorgan co-president Daniel Pinto had pointed out that a spike in the demand for crypto may force the company to consider offering Bitcoin services.
At the time of writing, Bitcoin is up 8.21% to $53,831. The king coin boasts of a market value more than $1 trillion.