Wells Fargo and JPMorgan are both applying for Bitcoin passive funds

Today, banking giants Wells Fargo and JPMorgan have both filed for passive bitcoin funds for their wealthy clients, Coindesk reported.

Although initially believed to be actively managed, both funds have been registered as passive. In particular, both banks are working together with NYDIG on the offers. The new funds have not had any sales to date.

The news comes after earlier this month when it was reported that Wells Fargo’s wealthy clients had been granted Bitcoin exposure.

In July, Mary Callahan Erdoes, CEO of JPMorgan Asset & Wealth Management, said that banking giant’s wealthy customers see Bitcoin as an asset class and “want to invest”.

Wells Fargo and JPMorgan are just the newest mega-banks in a line of traditionally conservative institutions offering bitcoin indirect investment vehicles.

Just today, Coinbase announced a partnership with one of Japan’s largest traditional banks, Mitsubishi UFJ (MUFG) Financial Group, which will offer its account holders exclusive onboarding on the exchange platform.

In July, the Bank of New York Mellon (BNY Mellon) announced it would support the launch of a new London-based cryptocurrency exchange called Pure Digital, the first major bitcoin trading platform to be backed by a consortium of major banks.

Back then, Jason Vitale, Global Head of Foreign Exchange at BNY Mellon, spoke about the future of Bitcoin at large traditional banks: “Digital assets will only be more embedded in global markets in the years to come, and this collaboration is in line with BNY Mellons broader strategy to develop a digital asset capability for clients across the entire retail lifecycle. “

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