On Thursday, Wealthfront Inc., an automated investment services company based in Palo Alto, announced that customers can now access crypto assets through the company’s platform. The company revealed that customers can choose from two Grayscale Investment Trusts because the company now offers investments in Grayscale Ethereum Trust (ETHE) and Grayscale Bitcoin Trust (GBTC).
Wealthfront connects customers with two gray trusts
This week Wealthfront added two grayscale crypto trusts to the company’s investment menu. Wealthfront is an automated investment operation, sometimes referred to as a robo-advisor that provides wealth management services. The company was co-founded by Andy Rachleff and Dan Carroll in 2008. As of 2020, Wealthfront’s assets under management (AUM) are $15.85 billion.
This announcement It was pointed out on Wednesday that Wealthfront customers can now gain exposure to crypto assets through the platform’s Grayscale Bitcoin and Ethereum Trust.The news is that the company decided to increase Customizable Wealthfront portfolio In these two crypto trusts, there are hundreds of options to choose from.
“Buying cryptocurrencies can be scary,” the announcement said. “It takes time and effort to research all the options, set up wallets, and monitor additional accounts. That’s why we make it easy for you to access Bitcoin and Ethereum in your Wealthfront portfolio without a wallet. You can invest in GBTC and ETHE, and Not buying coins yourself.”
Wealthfront’s crypto trust has a 10% distribution limit
Wealthfront stated that GBTC and/or ETHE can be added to anyone’s portfolio by choosing a portfolio or a single trust that accounts for up to 10% of the portfolio. The automated investment services company claims that in terms of risk, the 10% limit is in the best interests of its customers. “We limit your allocation to GBTC and ETHE, because as a trustee, we always act in your best interests, and these investments may be riskier and more volatile than most ETFs,” Wealthfront’s announcement details.
The company added that GBTC and ETHE support is not Wealthfront’s first foray into cryptocurrencies Connection support Coinbase account up to 2018. “We allow you to add information about the cryptocurrency you hold in your Coinbase account to Wealthfront to gain a more comprehensive understanding of your financial situation,” the company said at the time.
“GBTC and ETHE complete our significantly expanded investment selection menu,” the Wealthfront announcement concluded. Grayscale’s Bitcoin Trust currently has an asset management scale of USD 25.6 billion, and the company’s Ethereum Trust has an asset management scale of USD 7.5 billion.
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