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