JPMorgan (JPM Quick QuoteJPM - Free Report) is offering its Private Bank wealth management customers access to an in-house passively managed bitcoin fund. Citing two people familiar with the matter, CoinDesk said that the offering is being made in partnership with bitcoin powerhouse New York Digital Investment Group (“NYDIG”).

NYDIG is a subsidiary of alternative asset manager, Stone Ridge. It provides an institutional-grade platform for secure custody, execution, asset management and more.

The new fund was revealed by CoinDesk in late April. Sources told CoinDesk that the fund has not yet received any investments from clients and JPMorgan held a launch call with advisers only recently.

Per sources familiar with the matter, advisers will present the fund to clients as being the safest and cheapest bitcoin investment vehicle available on the private markets. The fund “would also act as an easy port over to a bitcoin exchange-traded fund (ETF).”

Notably, JPMorgan’s move to drive further into the world of crypto comes as a surprise because its CEO, Jamie Dimon, has always been anti-bitcoin.

Dimon has presented his skepticism regarding digital assets and the crypto market. In May, he stated, “I am not a Bitcoin supporter, I don’t really care about Bitcoin. On the other hand, clients are interested and I don’t tell clients what to do.”

However, despite Dimon’s continued comments and remarks against the crypto market, JPMorgan is becoming more open to the world of cryptocurrencies.

Last month, the bank gave its wealth management clients access to bitcoin and other cryptocurrency funds, per a report by Business Insider. Its clients have been given access to buy and sell five cryptocurrency products through advisors.

Shares of JPMorgan have gained 19% so far this year compared with 24.5% growth recorded by the industry.

Image Source: Zacks Investment Research

Currently, the company carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Of the many bitcoin-friendly financial firms in the United States, a few are Morgan Stanley (MS Quick QuoteMS - Free Report) , Goldman Sachs (GS Quick QuoteGS - Free Report) and Ally Financial (ALLY Quick QuoteALLY - Free Report) .