Wells Fargo Investment Institute declared that it will open an investment product for its wealthy customers, together with president Darren Cronk announcing the firm's stance the cryptocurrency space has finally come of age.
The research branch of Wells Fargo Wealth & Investment Management, which oversees near $2 trillion in assets, is in the process of evaluating and onboarding its cryptocurrency investment system for qualified investors. The platform is expected to be started by around mid-June, following the last phases of the due diligence process.
"We think the cryptocurrency space has just kind of hit an evolution and maturation of its development which allows it now to be a workable investable advantage," stated Cronk in an interview with Business Insider.
As recently as December 2020, Wells Fargo Investment Institute was reluctant to state any interest from the cryptocurrency area, with its mind of authentic advantage strategy, John LaForge, telling a media conference that the institute had small curiosity about crypto.
Cronk said there was risk involved, referencing a $2 trillion global market cap -- that has since shrunk to $1.3 trillion in the time of composing as Bitcoin (BTC) along with the cryptocurrency space expertise among the worst bloodbaths in recent memory.
Client protections and regulations were around Cronk's mind when he looked forward into this product launch, noting the still-evolving scene beforehand.
"There is a whole element of consumer protections and regulations which have to evolve with the changing landscape. So we are not without danger, it's just that we believe there can be a workable investable option for those clients that show an interest," said Cronk.