Wells Fargo’s high-value clients will be able to expose themselves to Bitcoin (BTC) and other cryptocurrencies. This was reported by a spokesman for the American multinational, joining the growing list of traditional financial institutions that offer investment opportunities in virtual currencies to their clients.
The information does not explain how the financial institution will carry out the process so that its users can invest in Bitcoin and other cryptographic assets, which could be through “the direct purchase of Bitcoin or through a second order of price exposure, like bitcoin in grayscale.”
As will be recalled, last May Wells Fargo’s investment research division, Wealth and Investment Management, reported that it had been working on the evaluation of a strategy that would allow it to incorporate cryptocurrencies for qualified investors into its platform.
It was estimated that for the month of June the institution would offer its new investment products in Bitcoin and cryptography, but it is now, a month and a half later, that clients will be able to invest in crypto through the company.
Institutional adoption of virtual currencies, especially Bitcoin, is growing and large traditional organizations are entering this market. Recently, JP Morgan Chase, an American multinational investment bank, also announced that its clients can be exposed to various crypto assets: Bitcoin (BTC ), Ethereum (ETH), Bitcoin Cash (BCH), and Ethereum Classic (ETC).