Wells Fargo to Offer Crypto Investment to Some Clients

Wells Fargo’s wealth and investment management division will soon be rolling out an actively managed crypto strategy.

• The investment strategy has been in development for months and is likely to be available to qualified investors around mid-June, Darrell Cronk, president of Wells Fargo Investment Institute, told Business Insider on Wednesday.
• “We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset,” Cronk said.
• In December, John LaForge, head of real-asset strategy at Wells Fargo, said the bank is not recommending bitcoin to clients because it didn’t have the infrastructure to hold crypto in their accounts.
• Cronk said that crypto is an evolving asset that requires deep due diligence. He labelled it an “alternative investment” rather than “strategic allocation.”
• Wells Fargo is one of the U.S.’s largest financial services companies, with assets of almost $2 trillion.

See also: JPMorgan to Let Clients Invest in Bitcoin Fund for First Time: Sources