News has emerged that banking giant, JPMorgan Chase & Co. is to begin offering private investors access to an actively managed Bitcoin fund.

This move is partly due to the JPMorgan analysts identifying a growing interest in cryptocurrency from banks, as well as Bitcoin’s volatility seemingly decreasing over time. The latter is a significant factor due to this offering being directly dependent on bitcoin’s performance.

Whilst unsurprising, this is still a major move for the group that flys in the face of their previous stance on the currency. JPMorgan CEO, Jamie Dimon, has previously been highly critical of Bitcoin, referring to it as a ‘fraud’ as well as alluding to its use by criminals. Dimon rescinded these comments last year, but still maintains a somewhat critical stance, stating that Bitcoin is not his ‘cup of tea’.

This move is the latest in the group’s progressive foray into digital currencies and blockchain over the past several months. A recent report highlighted the banking group’s plans to partner with large Taiwanese banks in order to clear transactions via blockchain solutions. This news came hot off the heels of their announcement to provide a similar solution for the State Bank of India.

Sources have indicated that JPMorgan’s private Bitcoin management fund is slated to begin operating this summer. The group is yet to provide an official statement or confirmation of the product.