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Bank of America is offering crypto exchange-traded products for some of its clients, report says

<figure> <img src="https://i.insider.com/60f826842a723b0011e4fc2d?format=jpeg" alt="Bank of America" height="2140" width="4280" charset=""> <figcaption>Bank of America <span class="copyright">Justin Sullivan/ Getty Images</span> </figcaption> </figure><ul class="summary-list"> <li>Bank of America clears and settles crypto exchange traded products for selected clients, according to a report by Coindesk.</li> <li>Last week, the company said in an internal memo it plans to add a crypto research team.</li> <li>A Coindesk report on Tuesday said the bank was offering ETPs to some of its hedge fund clients.</li> <li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest?utm_source=markets&utm_medium=ingest=ingest?utm_source=markets&utm_medium=ingest"><strong>Sign up here for our daily newsletter, 10 Things Before the Opening Bell</strong></a><strong>.</strong></li> </ul><p>Bank of America is now offering crypto exchange-traded products for some of its global clients, as it seeks to tap into investor demand for digital assets, according to a report by Coindesk. </p><p><a href="https://www.coindesk.com/bank-of-america-is-clearing-crypto-etps-for-hedge-funds-in-europe-sources">Coindesk</a> said on Tuesday the bank was offering ETPs to some of its hedge fund clients, according to three sources with knowledge of the matter. </p><p>The bank, the largest in the US by assets, follows competitors JPMorgan, Goldman Sachs and UBS in offering crypto-linked ETPs to some of its customers.</p><p>The bank occasionally clears and settles crypto-related ETP trades to some of its global clients and has done so for some time, according to a source familiar with the matter that spoke with Insider on condition of anonymity. </p><p>Bank of America declined to comment when contacted by Insider.</p><p>To bolster its trading and investment options in digital currencies, the bank also plans to create a crypto research team, according to an internal<a href="https://markets.businessinsider.com/currencies/news/bank-of-america-bofa-launch-cryptocurrency-research-team-digital-asset-2021-7?utm_source=markets&utm_medium=ingestgest"> memo</a> earlier this month.</p><p>A number of major banks and fund managers have added crypto-related products and services to tap into demand from anyone from institutional investors to individual traders, largely thanks to the kind of returns that volatile cryptocurrencies can bring. </p><p>Bitcoin, the largest cryptocurrency by market value, is up by more than 200% year on year, trading at around $31,800. But it swung from lows of just $8,905 to highs of almost $65,000 in that period of time.</p><p><em>This story has been updated to include Bank of America's official response and to add that it offers these services to clients globally.</em></p><div class="read-original">Read the original article on <a href="https://www.businessinsider.com/bofa-clients-crypto-exchange-traded-products-hedge-funds-report-2021-7">Business Insider</a></div>
Bank of America is offering crypto exchange-traded products for some of its clients, report says
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