In an internal memo, the bank informed its financial advisers that it would kick off access to three funds giving clients ownership of Bitcoin, according to CNBC, citing sources familiar with the matter.
Also according to this information, Morgan Stanley made this decision in favor of the cryptocurrency after a growing demand from its customers in this direction.
Morgan Stanley did not immediately comment, Reuters reports.
Bitcoin hit a record high of $ 61,781.83 on Saturday, but has since fallen as investors consolidated their gains but also following reports of India’s intention to ban cryptocurrencies.
Cryptocurrency has gained more and more acceptance lately, with Elon Musk’s Tesla Inc and Square Inc betting on it.
Last month, Bank of NY Mellon Corp formed a new unit to help clients hold, transfer and issue digital assets.
Access to funds will only be allowed to individuals who have at least $ 2 million in assets held by the bank. Investment firms with at least $ 5 million in the bank will also be eligible. In either case, the accounts must be at least six months old, according to information reported by CNBC.
The bank will limit investments to 2.5% of total equity, even for investors with enough assets to qualify, the sources say.
The two funds that will be offered come from Galaxy Digital, a financial company dedicated to cryptocurrency founded by Michael Novogratz. The third fund is a joint effort of asset manager FS Investments and bitcoin firm NYDIG. Clients could start investing in these funds next month, according to the reports.