This archive report was first published on 26 July 2021.
On July 22, 2021, JPMorgan Chase & Co. made a significant move into the crypto market by allowing its financial advisors to offer cryptocurrency investments to all clients, including those serviced by its private bank.
This development marks a major milestone for the bank, making it the first major US bank to allow buying and selling of cryptocurrency products. The bank has approved the use of five cryptocurrency products, including Grayscale's Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic vehicles, as well as Osprey Funds' Bitcoin Trust.
Meanwhile, Amazon.com, Inc. is also exploring the possibility of accepting cryptocurrency payments. In a job advertisement posted in June, the retail giant sought a 'digital currency and blockchain product lead.' While Amazon has not made any official announcements, a spokesperson cited by Business Insider expressed the company's enthusiasm for modern payment technologies, stating, 'We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.'
