Wells Fargo, one of the largest wealth managers in the US that has been in Warren Buffett's portfolio since 1989, has started offering cryptocurrency investments to some of its clients.
A Wells Fargo spokesperson confirmed to Business Insider on Friday (7/30) that the company has begun offering cryptocurrency exposure to its wealth management clients.
As one of the largest wealth managers in the US, Wells Fargo's wealth management division manages nearly $ 2 trillion in assets.
In May, Darrell Cronk, president of the Wells Fargo Investment Institute, a wholly owned subsidiary of Wells Fargo Bank, revealed that his team was preparing to offer clients “a professionally managed solution” for cryptocurrencies.
"We believe that the cryptocurrency space has just reached an evolution and maturation of its development that now allows it to be a viable investment asset," he said.
In fact, Well Fargo is just another bank that is caving in to its customer appeal. In the same situation, or close to releasing this asset class, are other US banks such as Goldman Sachs, JPMorgan, Morgan Stanley, Citigroup and Bank of America.
While legendary investor Warren Buffett has significantly reduced his investments in Wells Fargo, now his holding's second-largest position is Bank of America, also cited above.
In Brazil, banks are also giving in to the growth of cryptocurrencies by offering investments to clients through ETFs. Crypto funds are already available at Banco do Brasil, Itaú, Genial, BTG Pactual, as well as at Nubank, also present in the latest investments of billionaire and anti-bitcoin Warren Buffett.