Wells Fargo grants wealthy clients access to Bitcoin
Wells Fargo has become the latest financial institution in the United States to offer its wealthy clients access to Bitcoin. The report earlier today revealed that the bank registered a Bitcoin fund with US regulators.A source close to the matter said the bank would pitch the Bitcoin fund to its wealthy clients. The regulatory documents showed that Wells Fargo partnered with NYDIG and FS Investments to offer the Bitcoin fund. The Bitcoin fund, called FS NYDIG Bitcoin Fund I, LP, is yet to record any sales at the time of this report.
This latest development comes after Cryptonary reported in May that Wells Fargo was working on a cryptocurrency offering for its clients.
More traditional financial institutions are opening up to cryptocurrencies
The last few months have seen some of the leading financial institutions in the United States enter the cryptocurrency space. In the United States, JPMorgan Chase, Morgan Stanley and Goldman Sachs have all started offering their wealthy clients access to cryptocurrencies in various ways.The report revealed that JPMorgan also registered its passive bitcoin fund with the United States regulators earlier today.
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