Fun

Automated Investment Service Firm Wealthfront Adds Support for Grayscale’s BTC, ETH Trusts

News Feed - 2021-07-31 04:07:10

Automated Investment Service Firm Wealthfront Adds Support for Grayscale"s BTC, ETH Trusts


On Thursday, the Palo Alto-based automated investment service firm, Wealthfront Inc., announced that customers can now get exposure to crypto assets via the company’s platform. The firm revealed that clients can choose from two Grayscale investment trusts, as the company now offers investments in the Grayscale Ethereum Trust (ETHE) and the Grayscale Bitcoin Trust (GBTC). Wealthfront Connects Customers to Two Grayscale Trusts


This week Wealthfront has added two Grayscale crypto trusts to the firm’s menu of investments. Wealthfront is an automated investment operation sometimes referred to as a robo-advisor that offers wealth management services. The company was co-founded in 2008 by Andy Rachleff and Dan Carroll and as of 2020, Wealthfront had $15.85 billion assets under management (AUM).


The announcement on Wednesday notes that Wealthfront customers can now gain exposure to crypto assets via the platform’s Grayscale bitcoin and ethereum trusts. The news follows the firm’s decision to add customizable Wealthfront portfolios and among the two crypto trusts, there’s hundreds of options to choose from.


“Buying cryptocurrency can feel intimidating,” the announcement states. “It takes time and effort to research all of the options, set up a wallet, and monitor an additional account. That’s why we’ve made it easy to get exposure to bitcoin and ethereum right in your Wealthfront portfolio, no wallets required. Instead of buying coins yourself, you can invest in GBTC and ETHE.” Crypto Trusts via Wealthfront Have a 10% Allocation Limit


Wealthfront says that the GBTC and/or ETHE can be added to anyone’s portfolio by selecting a combined combination or single trust of up to 10% of the portfolio. The automated investment service firm claims the 10% limit is in the best interest of customers as far as risk is concerned. “We limit your allocation to GBTC and ETHE because, as a fiduciary, we act in your best interests at all times, and these investments can be riskier and more volatile than most ETFs,” Wealthfront’s announcement details.


The GBTC and ETHE support is not Wealthfront’s first foray into cryptocurrencies as the company added connection support to Coinbase accounts in 2018. “We make it possible for you to add information about your cryptocurrency holdings in your Coinbase account to Wealthfront to get a more holistic view of your financial picture,” the company said at the time.


“GBTC and ETHE round out our significantly expanded menu of investment options,” Wealthfront’s announcement concludes. Grayscale’s bitcoin trust currently has $25.6 billion AUM and the firm’s ethereum trust has $7.5 billion AUM.


What do you think about Wealthfront allowing customers exposure to bitcoin and ethereum investment vehicles? Let us know what you think about this subject in the comments section below. Bank of America, Coinbase, FTX Invest in Paxos Series D Funding Round FINANCE | 3 hours ago Digital Yuan to Promote International Use of Chinese Currency, Experts Say FINANCE | 1 day ago Tags in this story 10% allocation, assets under management, AUM, automated investment operation, automated investment service firm, Bitcoin, BTC, Coinbase, Crypto, Cryptocurrency exposure, ETH, ETHE, Ethereum, Finance, Financial Services, GBTC, grayscale, Grayscale Investments, Robo-advisor, Wealthfront


Image Credits: Shutterstock, Pixabay, Wiki Commons Show comments

News Feed

Full decentralization will happen in a few years — Layer-2 rollup teams
Christopher Roark10 hours agoFull decentralization will happen in a few years — Layer-2 rollup teamsSeveral layer-2 rollup teams, including those for Linea, zkSync, Arbitrum and Optimism, claimed that full decentraliza
China’s Wechat Adds Support for Digital Yuan Payments
China’s Wechat Adds Support for Digital Yuan Payments Chinese social media platform Wechat has introduced support for the state-backed digital yuan in its popular payment app. Ov
100% Uptick For Shiba Inu? Experts Eye Global Reversal As Catalyst
Este artículo también está disponible en español. Shiba Inu (SHIB) is now priced at about $0.00001783, just below a key resistance zone which means that the market is in
BlackRock smashes $10.5T record in Q1 managed assets
Helen Partz12 hours agoBlackRock smashes $10.5T record in Q1 managed assetsBlackRock’s $76 billion quarterly long-term net inflows already account for nearly 40% of its full-year 2023 levels.4140 Total views5 Total sha
Phemex Mobile App: A One-Stop Shop for All Your Crypto Trading Needs
Phemex Mobile App: A One-Stop Shop for All Your Crypto Trading Needs sponsored As a crypto trader, you have to be on your toes. From checking market conditions to tracking your port
2 Days After the Bitcoin Halving: Network ‘Remains Strong,’ Higher Fees, Bullish Sentiment
2 Days After the Bitcoin Halving: Network "Remains Strong," Higher Fees, Bullish SentimentOn May 11, 2020, the Bitcoin network completed it’s third block reward halving and th
Court allows most SEC claims to proceed in Binance suit
Brayden Lindrea5 hours agoCourt allows most SEC claims to proceed in Binance suitJudge Amy Berman Jackson however dismissed the SEC’s claim that BNB is traded illegally on secondary markets, citing the Ripple decision.
Bitcoin ‘parabolic’ rally may start in Q4, according to historical price data
Nancy Lubale6 hours agoBitcoin ‘parabolic’ rally may start in Q4, according to historical price dataQ4 could be a blockbuster moment for Bitcoin’s price as a multi-year historical price trend holds up.4346 Total vi
Biggest Movers: LEO Hits 6-Week High, as NEAR Jumps Higher for Third Straight Session
Biggest Movers: LEO Hits 6-Week High, as NEAR Jumps Higher for Third Straight Session LEO rose to a six-week high on Wednesday, as prices rallied for a fifth consecutive session. T
Hello Pets Depict an Open Entertainment Ecosystem and Aim to be the Next Disney in Web3
Hello Pets Depict an Open Entertainment Ecosystem and Aim to be the Next Disney in Web3 sponsored Hello Pets team is building an open entertainment ecosystem where the community can
Major Turkish Crypto Exchange Coinzo Shuts Down
Major Turkish Crypto Exchange Coinzo Shuts Down Coinzo, one of Turkey’s largest cryptocurrency exchanges, is terminating itsdigital assettrading services. The platform said
The Foundation for Economic Education Announces Two Major Gifts From Bitcoin.com Founder Roger Ver
The Foundation for Economic Education Announces Two Major Gifts From Bitcoin.com Founder Roger Ver PRESS RELEASE. 19th January 2020, St Kitts & Nevis & Atlanta&n