Bank of America is joining the growing number of banks that will allow clients to use various crypto exchange-traded products, report says
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- Bank of America will allow its clients access to a number of crypto exchange-traded products, according to a Coindesk report Tuesday.
- Last week, the company said it would allow some clients to trade bitcoin futures and plans to add a crypto research team.
- The company has joined JP Morgan, Goldman Sachs and UBS in creating crypto products and services in response to client demand.
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Bank of America is going to offer its clients access to a number of cryptocurrency products, joining a growing number of its peers that are rapidly tapping into investor demand for digital assets, according to a report on Tuesday by Coindesk.
The bank will allow its clients to use various crypto exchange traded products (ETP's) according, to three knowledgeable sources, Coindesk reported on Tuesday. These ETPs will be aimed at European hedge funds, the report said.
Bank of America was not immediately available for comment when contacted by Insider.
Bank of America, the largest US investment bank by assets, follows competitors JPMorgan, Goldman Sachs and UBS in offering crypto-linked ETPs.
This is the bank's second big step to expand its cryptocurrency products. Last week, it allowed some customers the option to trade bitcoin futures.
To bolster its trading and investment options in digital currencies, Bank of America also plans to create a crypto research team, according to an internal memo earlier this month.
A number of major banks and fund managers have added crypto-related products and services to tap into demand from anyone from institutional investors to individual traders, largely thanks to the kind of returns that volatile cryptocurrencies can bring.
Bitcoin, the largest cryptocurrency by market value, is up by more than 200% year on year, trading at around $31,800. But it's swung from lows of just $8,905 to highs of almost $65,000 in that period of time.
This story has been updated to include Bank of America's response, with no further changes to the text.