JP Morgan CEO Jamie Dimon has allowed clients to purchase Bitcoin but the bank will not custody it in the near future.
The company will put Bitcoin in statements for clients and will provide access to Bitcoin exchange-traded funds (ETFs).
Dimon expressed skepticism about Bitcoin in the past due to concerns about money laundering, sex trafficking, and terrorism.
While JP Morgan has restricted its crypto exposure to futures-based products, competitor Morgan Stanley has started providing spot Bitcoin ETFs to eligible clients.