JPMorgan Chase is rumored to have started marketing an in-house bitcoin fund to its private banking clients

NYDIG is an institutional-grade platform focused on bitcoin, with operations including secure custody, execution, and asset management, and is a subsidiary of custody giant Stone Ridge, according to the information.

The fund will be presented to clients as the safest and cheapest bitcoin investment vehicle in the private market, CoinDesk said, citing sources. coinDesk had reported in April that JPMorgan Chase was planning to offer a similar fund.

As the cryptocurrency space matures and the price of digital assets has risen sharply over the past few years, customer demand has been increasing and traditional financial firms have begun to turn to providing clients with crypto assets. Companies such as Morgan Stanley (MS.US) and DBS Group are also getting into digital assets.

JPMorgan Chase added cryptocurrency exchanges Coinbase (COIN.US) and Gemini Trust Co. as its banking clients last year. In addition, the bank launched JPM Coin in 2019 to speed up payments between corporate clients.

JPMorgan Chase did not comment on the news.