Wells Fargo Now Offers Cryptocurrency Investment To Clients
August 04 2021 - 1:00PM
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Wells Fargo had announced earlier in the year that they planned to
offer cryptocurrency investments to clients. Something that was
referred to as a “professionally managed” cryptocurrency
investment. Now the bank has announced that it will begin offering
cryptocurrency exposure to its high net worth clients. The Wells
Fargo Investment Institute had been working on a way for it to be
able to best offer its clients an option to invest in
cryptocurrency. Following a re-evaluation on the bank’s stance on
crypto. “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,” Darrell Cronk told Insider back in
May. Related Reading | Bitcoin To Surpass $120,000 In A Year,
Says Pantera CEO Cronk, who is the President of Wells Fargo,
alluded to the market size of the crypto market making it a good
alternative investment for clients. The solution had been in the
works for months as the Wells Fargo Investment Institute, which is
the investment-research division of Wells Fargo Wealth and
Investment Management, devised a way to provide this service to
investors. Getting Clients Exposed To Cryptocurrency Wells Fargo
will only be offering crypto exposure to some clients as part of
its wealth management. These clients consist of high-net-worth
individuals who want to get more exposure to the market without
having to buy into cryptocurrencies themselves. Total crypto market
cap down following weekend rallying | Source: Crypto Total Market
Cap on TradingView.com Cronk revealed that this comes with “quite a
bit of interest” from their clients. And Cronk’s strategy team has
published the first-ever research report on cryptocurrencies by the
institute. “There’s a lot of education and informational work that
has to be done. It is a complex topic, and while investors have
interest, it is important that they understand it for what it is.”
– Darrell Cronk, President, Wells Fargo Banks Getting Into
Cryptocurrencies Wells Fargo is not the first bank to provide
cryptocurrency exposure to its clients. Banks have reported that
there continues to be increasing demand from clients for a way for
them to get involved in digital assets. In fact, Wells Fargo comes
behind a couple of big banks that have provided crypto investment
options for their clients. This survey carried out by Goldman Sachs
revealed that 50% of the ultra-wealthy want increasing exposure to
cryptocurrencies. To which Goldman Sachs has responded by offering
clients the option to trade Bitcoin and Ether Options and Futures.
Hopefully, other digital assets to be added to the mix. Related
Reading | How Much Is Your Love Worth? Polish Influencer Sells
“Love” As NFT Big bank JP Morgan also ramped up investment in
companies with Bitcoin exposure, banking on increasing demand for
cryptocurrencies. While this deal between NCR and NYDIG will see
customers be able to buy bitcoin across 650 banks. As consumers
demand more ways to get into the market, it is only natural to
expect an influx of these types of products to help clients get
more exposure to cryptocurrencies. Featured image from Investor
Junkie, chart from TradingView.com
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