Wells Fargo begins offering crypto investments to customers

Wells Fargo, one of the largest asset managers in the United States, has reportedly begun offering crypto investments to its asset management clients.

Wells Fargo Offers Crypto Exposure

A spokesperson for U.S. financial services company Wells Fargo confirmed to Business Insider on Friday that the company has begun offering its asset management customers access to cryptocurrencies.
Wells Fargo’s Asset Management and investment division, which includes the company’s private banking services and Wells Fargo advisers, is one of the largest asset managers in the U.S. It manages about $ 2 trillion in assets.
Darrell Kronk, President of the Wells Fargo Investment Institute, a wholly owned subsidiary of Wells Fargo Bank, said in May that his team was ready to offer our customers a managed solution for cryptogeld. “We believe the cryptocurrency field has reached the maturity of evolution and development, making it a viable investment asset now,” he said.
However, Kronk still does not see cryptocurrency as an asset class, seeing it as an “alternative investment” rather than a “strategic deployment.”

In contrast, global investment bank Goldman Sachs said in May that bitcoin had become an investment asset and that customers saw it as a new asset class. Another investment bank, JPMorgan, also said its customers see cryptocurrency as an asset and want to invest in it.
A growing number of major investment banks have begun offering crypto investments to clients including Morgan Stanley, Goldman Sachs, Citigroup and JPMorgan. Meanwhile, Bank of America has decommissioned a cryptographic research group.

How do you feel about Wells Fargo offering crypto access to customers? Tell us in the comments below.

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