In its latest report, Business Insider reported that the San Francisco-based Wells Fargo is set to launch its digital assets strategy for its rich client next month. The top official from the American banking giant Darrell Cronk stated that the firm now views cryptocurrencies as a “viable” investment asset. He said,
We think the cryptocurrency space has just kind of hit an evolution and maturation of its development that allows it now to be a viable investable asset.
The report further added that the bank was currently in its final stages. It comes after another prominent American bank, JPMorgan, revealed its plans to launch its crypto-related products later this year. Besides that, Goldman Sachs also revealed its plan to create a trading team dedicated to digital assets as it relaunched its virtual currencies desk this month.
Although the bank is yet to consider digital assets as strategic allocation, Cronk still described it as an attractive portfolio diversifier. In addition to that, the company’s top official further warned that their new product is not risk-free.
After Tesla’s founder Elon Musk criticized Bitcoin as a highly centralized currency, the crypto market took a hit. Since then, the whole market, especially the altcoins, has been trading in red, with BTC hitting its three-month low.