Morgan Stanley is the first major US bank to offer its customers access to bitcoin funds through its wealth management division, according to CNBC.
The investment giant, with assets under management amounting to $4 trillion said in an internal note to its financial advisers on Wednesday that it was beginning to provide access to three funds that allow bitcoin to be held, according to sources cited by CNBC.
The decision, which is another important step in the acceptance of bitcoin as an asset, was taken by Morgan Stanley following requests from its customers.
The bitcoin rally over the past year has put pressure on Wall Street companies to consider joining the emerging cryptocurrency category.
However, for now, the investment bank will only allow its wealthiest clients to access the volatile cryptocurrency, as the bank notes it is suitable for people with “aggressive risk tolerance” who have at least $2 million in assets under its management.
Morgan Stanley customers will most likely be able to invest as early as next month, as the bank’s financial advisers are being “trained” on the new product, according to sources quoted by CNBC.