Wells Fargo is partnering with the New York Digital Investment Group (NYDIG) a technology and financial services firm, and FS Investments on its offering. JPMorgan is also partnering with NYDIG.
The two megabanks are the latest in a growing number that are slowly embracing cryptocurrencies. Earlier this year, JPMorgan cautiously recommended that investors consider adding Bitcoin to their portfolio, saying allocations of up to 1% of their portfolio could “achieve any efficiency gain in the overall risk-adjusted returns.”
Even as regulators around the world crack down on cryptos, the industry is gaining mainstream acceptance.
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