The department of investment of the large international finance firm, Wells Fargo, is considering cryptocurrency products offering to the institutional investors linked to the firm. An executive from the firm highlighted the innovation in an interview recently where he called BTC a cool diversifier.

Is Wells Fargo Getting Along With BTC?

In an interview with the Wells Fargo Investment Institute’s President, Darrell Cronk with Business Insider, he made mention of the recent approach of the organization in support of cryptocurrencies.

The executive also noted that the department he oversees is evaluating and introducing a new strategy managed by crypto actively to the firm’s platform for their institutional clients.

For a while now, the division has searched for a solution with optimum professionalism and, however, has gotten to the final stage of the managerial research after following the due diligence research process. Cronk, hence is looking to unveiling the strategy by mid-June.

He said: “We perceive the crypto space has gotten to a notable stage of maturation and evolution in its developmental stage that will make it a viable asset.”

Though the executive said the digital assets might be attached to their own independent asset class, he believes that BTC and other crypto are a cool diversifier for portfolio holdings.

Banks Are Getting More Interested in Crypto

Darrell Cronk went ahead to highlight how diverse institutions have been showing interest in BTC for the same basic reason many banks want to add crypto offering to their services. But irrespective, he is sure that the nature of innovation in the industry will need a lot of information and educational work.

It is noteworthy that the demand for crypto has gotten to other banking giants in the United States. And as a result, different organizations have launched or revealed plans to add services focusing on the crypto space.

The oldest bank in the country, BNY Mellon, was part of the pioneer banks to launch a platform focused on cryptocurrency. After which, Morgan Stanley followed by making their clients get access to the BTC market through BTC exposure filing.

Former bashers like Goldman Sachs and JPMorgan Chase& Co also announced a similar approach recently. Reports revealed that it is possible for JPM to launch a BTC managed fund for private clients before the end of this year, and Goldman will file a Bitcoin ETF, reactivate their cryptocurrency trading desk and participate in the public listing of Coinbase.