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- Bank of America clears and settles crypto exchange traded products for selected clients, according to a report by Coindesk.
- Last week, the company said in an internal memo it plans to add a crypto research team.
- A Coindesk report on Tuesday said the bank was offering ETPs to some of its hedge fund clients.
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Bank of America is now offering crypto exchange-traded products for some of its global clients, as it seeks to tap into investor demand for digital assets, according to a report by Coindesk.
Coindesk said on Tuesday the bank was offering ETPs to some of its hedge fund clients, according to three sources with knowledge of the matter.
The bank, the largest in the US by assets, follows competitors JPMorgan, Goldman Sachs and UBS in offering crypto-linked ETPs to some of its customers.
The bank occasionally clears and settles crypto-related ETP trades to some of its global clients and has done so for some time, according to a source familiar with the matter that spoke with Insider on condition of anonymity.
Bank of America declined to comment when contacted by Insider.
To bolster its trading and investment options in digital currencies, the bank also plans to create a crypto research team, according to an internal memo earlier this month.
A number of major banks and fund managers have added crypto-related products and services to tap into demand from anyone from institutional investors to individual traders, largely thanks to the kind of returns that volatile cryptocurrencies can bring.
Bitcoin, the largest cryptocurrency by market value, is up by more than 200% year on year, trading at around $31,800. But it swung from lows of just $8,905 to highs of almost $65,000 in that period of time.
This story has been updated to include Bank of America’s official response and to add that it offers these services to clients globally.