Friday, June 18

Wells Fargo Becomes The Latest Banking Giant To Enter The Cryptocurrency Market

wells fargo bitcoin

Wells Fargo plans to add a cryptocurrency strategy for its wealthy clients this summer.

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According to Business Insider, San Francisco-based banking giant Wells Fargo is preparing to add its own cryptocurrency strategy for wealthy customers by mid-June. Darrell Cronk, chairman of the Wells Fargo Investment Institute (WFII), claims that the bank now sees cryptocurrencies as a “viable investment asset”:

“We think we are witnessing some kind of evolution and maturation of the development of the cryptocurrency industry, allowing it to become a viable investment asset.

As of now, Wells Fargo is in the final stages of doing due diligence for a cryptocurrency solution. JPMorgan, the largest bank in the US, is also expected to form a Bitcoin fund this summer due to strong customer demand.

Earlier this month, Goldman Sachs also announced the establishment of a dedicated cryptocurrency trading team after restarting the cryptocurrency desk earlier this month.

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