JPMorgan Chase & Co. is an American multinational investment bank and financial services holding company headquartered in New York City.
UBS Group AG is a Swiss multinational investment bank and financial services company founded and based in Switzerland.
JPMorgan Chase & Co and UBS are currently carrying out their due diligence with regard to cryptocurrency hedge funds.
As the cryptocurrency space keeps grows bigger and bigger , bringing us to the era of decentralized digital currency. JPMorgan and UBS are reportedly seeking to back crypto hedge funds for the first time.
This would be a sign of Wall Street's deeper involvement in the cryptocurrency industry.
This development is not unexpected. After Wells Fargo announced in May, that its investment unit would introduce an active strategy for its deep-pocketed cryptocurrency clients. Hence, it's natural that other major banks of the likes of JPMorgan and ubs would follow suit.
Wells Fargo & Company is an American multinational financial services company.
However, the rumored move into cryptocurrency space contradicts a recent note published by the bank's wealth management team that urged investors to steer clear of crypto due to an inevitable regulatory clampdown.
Regulators have demonstrated they can and will crack down on crypto...So we suggest investors stay clear, and build their portfolio around less risky assets.
Following a massive correction, Wall Street remains generally skeptical about crypto.