Wells Fargo Investment Institute is creating a cryptocurrency strategy to offer to its wealthy customers. The cryptocurrency focused service is planned to be offered only to qualified investors.
Darrel Cronk, Head of Wells Fargo Investment Institute, said the research team’s cryptocurrency strategy. in the evaluation phase announced that it was.
Wells Fargo Investment Institute provides investment advice, research reports, and investment strategies to institutional investors.
Expected to be ready in mid-June
Wells Fargo Investment Institute, which has been working for “months” for a cryptocurrency-focused strategy, from mid-June waiting for them to benefit from this service.
Of this service only annual income of at least $ 200,000 with or at least 1 million dollars Qualified investors with wealth will benefit.
It was stated that the research and due diligence studies for the relevant strategy were led by the global manager of the research team led by Greg Maddox.
Why did Wells Fargo’s mind change?
John LaForge, Director of Real Asset Strategies at Wells Fargo Investment Institute, announced in December 2020 that they did not provide any advice to customers regarding cryptocurrencies.
However, what has happened recently seems to have changed the minds of the managers. Cronk told Insider:
“The crypto money industry is now in its own development process. a valid investment asset we think he has reached a stage of maturity that allows him to be seen as. ”
Wells Fargo Investment Institution, still in every portfolio to cryptocurrencies standard does not recommend including it. Analysts still have him “Alternative investment” will examine and analyze it under the roof of. It was stated that crypto coins could be a good option for some investors who want to diversify their portfolio.
Regulation, technological problems, operational risks Cronk said that cryptocurrencies pose “many risks” and said:
“In terms of consumer protection and regulation, there are too many elements that must adapt to the cryptocurrency world as it changes. So, risk we do not take can not be said. But we think cryptocurrencies will be a viable investment option for customers interested in it. “