JPMorgan is the first global bank to give its customers access to Bitcoin

JPMorgan became the first major U.S. bank to give retail customers access to bitcoin, effective July 19.

Unlike other leading banks, JPMorgan would not limit access to bitcoin to high net worth clients only, according to Business Insider.

A source familiar with the decision told Business Insider US, “This applies to all of the bank’s clients seeking investment advice, including its self-directed clients using Chase’s commission-free trading app.” Additionally, this will also include high net worth clients who own assets. is led by JPMorgan consultants and ultra-wealthy banking clients.

Under the new directive, JPMorgan’s financial advisers will be given the green light to only accept and execute bitcoin transactions requested by a client, meaning the advisers cannot recommend the investment themselves.

But once a client requests exposure to Bitcoin or cryptocurrencies, their advisor can purchase shares of Grayscale funds, such as GBTC, as well as Osprey’s Bitcoin Trust on their behalf.

The move marks JPMorgan’s capitulation to the crypto world, after its CEO, Jamie Dimon, threatened to fire employees who trade bitcoin in 2017. But since then, Dimon has mellowed with cryptocurrency, after saying in May that customers demanded exposure on it.