The global bank, which has over $1 trillion in managed assets, approved crypto exchange sales funds from Bitwise Asset Management for its managed account platform, as revealed by Bitwise CEO Hunter Horsley on Tuesday.
This approval allows you to work with wealth managers and banks to assign client funds to Crypto ETFs as part of your standard investment offering. The bank’s identity remains private, but the trillion dollar size indicates an increase in support from institutions of crypto investment products.
Bitwise is one of the first fund managers to successfully launch Spot Bitcoin and Ethereum ETFS in the US market.
Horsley’s statement came after Morgan Stanley allowed financial advisors to recommend Spot Bitcoin ETFs, such as BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, last August.
Recent developments represent the shift from voluntary crypto investment to mainstream wealth management. This is because managed accounts typically serve clients of wealthy individuals and institutions.
