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Wells Fargo is set to provide crypto funds for wealthy clients

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Miguel A. Rodriguez
Miguel A. Rodriguez
20 May 2021
Despite the recent setbacks, cryptocurrencies are still the talk of the town

Recently, another major US bank revealed that it is set to introduce a cryptocurrency fund. For its wealthy clients, Wells Fargo will set up professionally managed funds.

According to a report, the bank said that the risk associated with trading digital currencies it would favour “qualified investors.”

Wells Fargo is not the first US bank to start offering cryptocurrencies, mainly Bitcoin. This March, Morgan Stanley became the first investment bank to provide clients with “high-risk tolerance” access to Bitcoin funds. Moreover, according to data from CoinDesk, JP Morgan Chase is preparing to let some select clients invest in actively managed funds.

The crypto market suffered in the past days, as hundreds of billions were wiped off after comments from Elon Musk and China decided to ban financial institutions and payment companies from allowing services related to crypto transactions.

At the moment of writing, Bitcoin is trading 3.33% higher at around $39, 875.

 Sources: bbc.com, news.yahoo.com

This information/research prepared by Miguel A. Rodriguez does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. The research analyst primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and their securities expressed in this report accurately reflect his/her personal views and consequently any person acting on it does so entirely at their own risk.The research provided does not constitute the views of KW Investments Ltd nor is it an invitation to invest with KW Investments Ltd. The research analyst also certifies that no part of his/her compensation was, is, or will be, directly, or indirectly, related to specific recommendations or views expressed in this report.The research analyst in not employed by KW Investments Ltd. You are encouraged to seek advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit that conforms to your specific investment objectives, financial situation, or particular financial needs before making a commitment to invest. The laws of the Republic of Seychelles shall govern any claim relating to or arising from the contents of the information/ research provided. 

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Miguel A. Rodriguez
Miguel A. Rodriguez
Financial Writer

Miguel worked for major financial institutions such as Banco Santander, and Banco Central-Hispano. He is a published author of currency trading books.