Cryptocurrency

Wells Fargo, JPMorgan and NYDIG team up for a Bitcoin venture

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Recently, the SEC has announced that Wells Fargo, a financial service company, JPMorgan, an investment bank, and New York Digital Investment Group (NYDIG) an investment services company, will team up for a Bitcoin fund venture.

The three financial institutions will offer pooled investment fund interest from private issuers that NYDIG has established to hold Bitcoin. The second JPMorgan offering is linked to NYDIG’s Cayman Islands-based issuer. 

Through the partnership, the required minimum investment accepted from outside investors is $100,000. The other two filings are United States-based and don’t have any quota for outside investment. 

The power of three

According to what is indicated on the notices, the partnered banks will receive placements and servicing fees for clients it refers to NYDIG. 

The New York Digital Investment Group has $6 billion assets under custody and continues to grow. 

NYDIG has announced that it has a ready line-up of partnerships in the second quarter of this year to provide the banking industry easy access to Bitcoin. 

JPMorgan, for its part, has started hiring blockchain experts to help it venture into the fast-growing crypto market. 

A closer look at the trio

Wells Fargo was founded in 1952 and provides banking, investment, and mortgage products and services. It also offers consumer and commercial finance through its more than 7,200 locations, 13,000+ ATMs, and its internet portal (wellsfargo.com). It was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. 

JP Morgan Chase & Co offers financial services and solutions for the world’s biggest corporations, governments, and institutions in more than 100 countries. As of December 2020, it was the largest bank in the United States and the fourth largest in the world. 

NYDIG is a technology and financial services company dedicated to Bitcoin. It provides services for funds and separate accounts, private clients, corporate treasury, prime brokerage, and also offers platform solutions. 

 

Image courtesy of Cointelegraph News/YouTube

Jet Encila

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Jet Encila

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