Wells Fargo plans to add a cryptocurrency strategy for its wealthy customers this summer.
According to Business Insider, San Francisco based banking giant Wells Fargo is preparing to add its own cryptocurrency strategy for wealthy customers by mid-June. Darrell Cronk, head of the Wells Fargo Investment Institute (WFII), claims that the bank now sees cryptocurrencies as a “viable investment asset”:
“We think we are witnessing some kind of evolution and maturation of the development of the cryptocurrency industry that has allowed it to become a viable investment asset.”
As of now, Wells Fargo is in the final stages of doing due diligence for a cryptocurrency solution. JPMorgan, the largest bank in the US, is also expected to form a Bitcoin fund this summer due to strong customer demand.
Earlier this month, Goldman Sachs also announced the establishment of a dedicated cryptocurrency trading team after restarting the cryptocurrency desk earlier this month.