Wells Fargo to offer cryptocurrency access to wealthy clients
Leading United States bank Wells Fargo is working on offering its wealthy clients access to cryptocurrencies. The move follows similar decisions from other top banks such as Morgan Stanley and Goldman Sachs.
Wealthy clients to gain access to cryptocurrencies
Traditional banks are starting to find ways to expose their clients to cryptocurrencies. Granted, most of the banks are not sure about directly offering these digital assets to their clients. Evenso, they are allowing them access to the new asset class via limited offerings.Wells Fargo is the latest US bank to look into cryptocurrencies after revealing yesterday that it plans to onboard an actively managed strategy for its wealthy clients. According to Business Insider, Wells Fargo published a report titled The investment rationale for cryptocurrencies. In the report, the bank said it considers cryptocurrencies as alternative investments they can offer qualified investors via personally managed funds.
The report said, "WFII believes that cryptocurrencies have gained stability and viability as assets, but the risks lead us to favor investment exposure only for qualified investors, and even then through professionally managed funds."
Darrell Cronk, president of the Wells Fargo Investment Institute, said that the investment strategy has been in development for months and they expect to roll it out by mid-June. "We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset," he added.
Traditional banks are starting to open up to cryptocurrencies
Wells Fargo offering wealthy clients access to cryptocurrencies is the latest to come from traditional banks. In the past few months, leading banks such as Morgan Stanley and Goldman Sachs have begun offering their wealthy clients access to cryptocurrencies. Furthermore, Citigroup and JPMorgan have shown interest in doing the same. As well, other leading banks like Cowen and BNY Mellon are set to offer crypto-related services to their clients include.Last year, John LaForge, head of real-asset strategy at Wells Fargo, said that the bank isn't recommending Bitcoin to its clients. Admittedly, this is because it doesn't have the infrastructure available to hold the cryptocurrency on their behalf. Still, Cronk added that crypto is an evolving asset class and due diligence is needed to explore it properly.
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