Morgan Stanley to offer bitcoin funds access to wealthy clients: Report
Morgan Stanley will offer its wealth management clients access to bitcoin funds, becoming the first major US bank to make such a move.
In an internal memo on March 17, Morgan Stanley told its financial advisors it will allow access to three funds that enable ownership of Bitcoin, CNBC reported. The move could potentially help acceptance of the world’s largest cryptocurrency.
The investment bank will for now let only wealthy clients access Bitcoin funds, deeming it suitable for people with “an aggressive risk tolerance” for those who have at least $2 million in assets held by the company, the news channel reported.
Moneycontrol could not independently verify the story.
Investment firms will require at least $5 million at the bank to qualify for the new stakes, and their accounts have to be at least six months old, CNBC reported.