Thursday, December 19

After so much thinking, Wells Fargo will enter the cryptocurrency market


Wells Fargo had mentioned that “one day” it would be worth investing in cryptocurrencies, that day seems to have arrived for the institution San Francisco Financial

Luego de tanto pensarlo, Wells Fargo entrará al mercado de las criptomonedas
Wells Fargo finally says yes to cryptocurrencies.

Photo: Photo by Daniel Dan / Pexels

Alexandra Liendo

Wells Fargo finally decided to give the cryptocurrencies and customers who are in that financial market, this was made known by Darren Cronk, president of the financial institution, who certified that this new strategy will be possible at the end of June and will be only for VIP clients.

For those investors who qualify and have interest, there is a good academic and money management work suggesting it can be a good diversified portfolio.

Cronk explained, this week that, the reason why that they finally decided to launch a crypto investment is because “The cryptocurrency space has just reached an evolution and maturing of its development that now allows it to be an active vi investment able ”.

It should be noted that this The virtual money market is still in constant and rapid evolution which requires that it should be considered as an “investment alternative ”rather than a“ strategic allocation. ”

Wells Fargo Wealth & Investment Management oversees about $ 2 trillion in assets and the idea is that this investment platform is aimed at qualified investors.

A few months ago, Wells Fargo was not very convinced of the cryptoassets market, one of its executives even declared that they had no interest in this field at all.

In December 2020, in a report they said that Bitcoin was the best performing asset, although they emphasized that “Investing in cryptocurrencies today is a bit like living in the early days of the gold rush of 1850, which involved more speculations than investments. ”

For Wells Fargo regulations and protections have always been a priority therefore they have taken their time of analysis and observation, according to Cronk.

With this new project Wells Fargo joins institutions such as JP Morgan, Morgan Stanley and Goldman Sachs that have already opened to the cryptocurrency market.

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