Wealthfront, one of the largest robo-advisors in the business, has announced it will start allowing its clients to invest in cryptocurrencies later this year.
Wealthfront also announced it would shift its business to allow its clients to have more choice in their investments. Wealthfront’s model had always been to facilitate more conservative and passive investing. The firm has not yet announced which cryptocurrencies will be available on the platform.
Wealthfronts decision comes amid a growing push among younger generations to have more choice in their investments, including crypto.
“Wealthfront will be the place to invest responsibly, not some Wild West arcade. We can do it in a fiduciary way. We care what is in your best interests. We won’t let you put 100% of your portfolio in crypto,” said Dan Carroll, Wealthfront’s co-founder and chief strategy officer.
Wealthfront currently has over 425,000 accounts and around over $25 billion assets under management.
The company’s decision comes at a time when a boom of personal trading and investing of stocks and cryptos are occurring on free platforms like Robinhood or Coinbase (COIN).
The company’s decision almost seems commonplace in today’s headlines. In the last year, companies like PayPal, Goldman Sachs, Morgan Stanley, JP Morgan, Visa, Mastercard, Apple Pay and Samsung Pay have all announced varying degrees of crypto-related products and services.
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