Below I’ve compiled a list of five financial institutions planning to launch crypto-related products shortly.
Goldman Sachs
Goldman Sachs, for one, is going to offer a wide range of crypto investment products to the clients of their private wealth management group. In the second quarter of 2021, the newly-minted investors will access direct investments, derivatives, and traditional investment vehicles.
JPMorgan
According to some sources, JPMorgan is to roll out an actively managed bitcoin fund this summer – like in Goldman Sachs’ case, for the wealthy and powerful. NYDIG, the Bitcoin subsidiary of Stone Ridge, will provide the custodian services for the fund.
Morgan Stanley
Morgan Stanley is the third bank on our list to spoil its wealth management clients, as it plans to give them access to three Bitcoin funds. Two of the funds are from Galaxy Digital, which has recently bought $250 million worth of BTC, while NYDIG and FS Investments offer the third.
BNY Mellon
Bank of New York Mellon created a crypto unit that will let the firm hold, transfer, and issue Bitcoin and other digital assets on behalf of their clients. Currently, it is pending approval, and we know neither the full list of cryptocurrencies to be supported nor the exact date of launch – except that it will happen this year.
US Bank
And lastly, U.S. Bank confirmed its pro-crypto stance, announcing three new crypto-related initiatives. First, it is choosing a sub-custodian for its new cryptocurrency custody product. Second, it will fund the development of the new technology by Securrency, which will ease digitalization for financial institutions. And third, the bank will administer NYDIG’s ETF Bitcoin as soon as all approvals are in place.
Which big bank do you think will be the next to offer crypto-related products? And will Europe catch up any time soon?
