According to reports, Wells Fargo, one of the largest wealth management companies in the United States, has begun to provide crypto investments to its wealth management clients.
Wells Fargo provides cryptocurrency exposure
- According to reports, a spokesperson for the US financial services company Wells Fargo confirmed to Business Insider on Friday that the company has begun to provide cryptocurrency exposure to its wealth management customers.
- Wells Fargo’s wealth and investment management department, including the company’s private banking services and Wells Fargo Advisors, is one of the largest wealth management institutions in the United States. It manages nearly $2 trillion in assets.
- Darrell Cronk, president of the Wells Fargo Investment Research Institute, a wholly-owned subsidiary of Wells Fargo Bank, revealed in May that his team is preparing to provide customers with “professional managed cryptocurrency solutions.” “We believe that the cryptocurrency field has just gone through the evolution and maturity of its development, making it now a viable investable asset,” he was quoted as saying.
- However, Cronk still does not regard cryptocurrency as an asset class, but as an “alternative investment” rather than a “strategic configuration.”
- In contrast, global investment bank Goldman Sachs stated in May that Bitcoin has become an investable asset and customers see it as a new asset class. Another investment bank, JP Morgan Chase, also stated that its clients regard cryptocurrency as an asset and want to invest in it.
- More and more major investment banks have begun or are offering crypto investments to clients, including Morgan Stanley, Goldman Sachs, Citigroup and JPMorgan Chase. At the same time, Bank of America established an encryption research team.
How do you think Wells Fargo provides cryptocurrency exposure to customers? Let us know in the comments section below.
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