JPMorgan Becomes First Big US Bank Offering Broad Retail Crypto Funds
JPMorgan Chase has become the first big US bank to offer crypto funds to retail customers. The funds give investors indirect exposure to Bitcoin, Bitcoin Cash, Ethereum, and Ethereum Classic.
The investment vehicles are available to JPMorgan clients who use a variety of wealth-management products: self-directed customers that use the bank’s Chase trading app, mass-affluent JPMorgan Advisors users, and ultrarich private bank customers.
By hopping onboard the crypto bandwagon, JPMorgan can discourage outflows of its wealth-management clients who are interested in dabbling in cryptocurrency to fintechs like Robinhood and Coinbase, and keep those clients inside of its ecosystem. The move may also help the bank retain the deposits of Chase retail banking customers who may be pulling them to buy crypto.
Byju’s Acquires Great Learning, Toppr
Edtech unicorn Byju’s is continuing its acquisition spree by acquiring after-school learning app Toppr and upskilling platform Great Learning in a cash and stock deal. Byju’s is shelling out $600 million to acquire Great Learning and another $150 million for the acquisition of Toppr. With this, Byju’s has acquired six startups in 2021, across India and the US.
The country’s highest valued startup recently acquired US-based Epic for $500 million to boost its overseas business, after acquiring brick-and-mortar coaching network Aakash Institute for close to $1 billion.
Byju’s has now spent more than $2 billion on acquisitions over the last six months, triggering consolidation in an industry that has gained due to the pandemic.
Diageo Elevates Hina Nagarajan as MD
Diageo India has appointed Hina Nagarajan as Managing Director and member of global executive committee and is on the board of directors for the listed Company. She was previously the CEO of the company. Hina joined the company in 2018 as Managing Director, African markets and was then promoted to CEO, Diageo, India.
Hina has over 30 years of proven track record in the Consumer Health, Infant Nutrition and Lifestyle industry segments. She has handled businesses in varied contexts – complex product portfolios, turnaround, startups- demonstrating her drive, passion and tenacity to deliver results.
