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Monday, October 18, 2021

U.S. Banking Giant Wells Fargo Files for a Bitcoin Fund

One of the oldest and top banks in the United States, Wells Fargo, intends to start offering exposure to Bitcoin soon to its customers.

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The bank has filed with the US Securities and Exchange Commission (SEC) to have its designated Bitcoin (BTC) fund. 

According to the filing with the SEC, the banking giant has partnered with FS Investments and New York Digital Investment Group (NYDIG) for the initiative.

Based on the notice, Wells Fargo Clearing Services will get placement and servicing fees for all the clients that it refers to the fund. 

The fund’s first sale is yet to take place. However, they anticipate the offering to last for more than a year. 

Wealthy clients of Wells Fargo will enjoy indirect exposure to Bitcoin via this fund that will be issued in partnership with NYDIG and FS Investments.

Overall, Wells Fargo’s filing with the SEC reconfirms the growing adoption rate from US banking organizations like Goldman Sachs, Morgan Stanley, among others. 

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Wealthy clients of Wells Fargo will enjoy indirect exposure to Bitcoin via this fund that will be issued in partnership with NYDIG and FS Investments.

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