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