Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Morgan Stanley becomes first major U.S. bank to offer clients access to bitcoin funds: CNBC

03/17/2021 | 10:49am EDT
FILE PHOTO: A representation of virtual currency Bitcoin and U.S. One Dollar banknotes are seen in front of a stock graph in this illustration

(Reuters) - Morgan Stanley has become the first big U.S. bank to offer its wealth management clients access to bitcoin funds, CNBC reported on Wednesday.

In an internal memo, the bank told its financial advisers it would launch access to three funds allowing ownership of bitcoin, CNBC reported, citing people with direct knowledge of the matter.

The decision was taken after the bank's clients demanded exposure to the cryptocurrency, according the report.

Morgan Stanley did not immediately respond to a Reuters request for comment.

Bitcoin surged to a record high of $61,781.83 on Saturday, but has since fallen as investors consolidated gains and on news of plans by India to ban cryptocurrencies.

The cyrptocurrency has been gaining mainstream acceptance lately, with Elon Musk's Tesla Inc and Square Inc betting on it.

Last month, Bank of NY Mellon Corp formed a new unit to help clients hold, transfer and issue digital assets.

Access to the funds will only be allowed to people who have at least $2 million in assets held by the bank. Investment firms with at least $5 million at the bank will also be eligible. In both cases, the accounts have to be at least six months old, according to the report.

The bank will limit investments to 2.5% of total net worth even for investors with enough assets to qualify, the people said.

The two funds that will be offered are from Galaxy Digital, crypto firm founded by Michael Novogratz. The third fund is a joint effort from asset manager FS Investments and bitcoin company NYDIG. Clients could start investing in these funds next month, the report said.

(Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi and Anil D'Silva)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BITCOIN (BTC/EUR) -2.52% 51420.07 Real-time Quote.120.95%
BITCOIN (BTC/USD) -2.35% 59749.87 Real-time Quote.110.19%
GALAXY DIGITAL HOLDINGS LTD. -0.71% 23.81 Delayed Quote.118.44%
SQUARE, INC. -4.53% 253.06 Delayed Quote.16.27%
TESLA, INC. 1.75% 909.68 Delayed Quote.28.91%
Latest news "Economy & Forex"
11:47aUniCredit, Italy Treasury end talks over potential sale of Monte dei Paschi
RE
11:19aUnicredit - unicredit, mef say that negotiations pertaining to potential acquisition of banca monte dei paschi di siena will no longer continue
RE
11:18aUnicredit - unicredit and the ministry of economy and finance announce the decision to cease the negotiations
RE
10:47aYellen says U.S. is not losing control of inflation
RE
09:56aYELLEN : regulations strengthened under Fed chief Powell, predecessors
RE
09:34aECOWAS ECONOMIC COMMUNITY OF WEST AFRICAN STATES : holds its 4th Online Engagement with the Regional Working Group Against Gender Based Violence and Violence Against Children
PU
09:24aARGUS MEDIA : Saudi Arabia targets net-zero emissions by 2060
PU
09:00aTech giants' earnings may be another test for markets at new highs
RE
08:43aBahrain aims to reach net zero carbon emissions in 2060 to face climate change - state news agency
RE
08:31aEvergrande resumes work on more than 10 projects
RE
Latest news "Economy & Forex"