Wealthfront, a California-based financial firm, announced an extension of its digital asset investment menu. The company stated its customers can now invest in Grayscale’s Bitcoin and Ethereum trust fund.
On Thursday, Wealthfront announced that Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) will now be among the company’s other investment alternatives, according to reports.
Wealthfront further stated that consumers using cryptocurrencies other than BTC and ETH would receive additional services.
Wealthfront Inc., a financial services provider, announced the extension of its digital asset investing menu in a blog post on July 29, 2021.
Users can now diversify their portfolios by investing in Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (GET), according to the business.
Customers were informed by Wealthfront that such investments are more volatile and hazardous than other ETFs and that the allotment would be limited.
The investors would not be permitted to allocate more than 10% of their total portfolios into GBTC or ETHE, as the company claims itself to be a fiduciary and promises to act in the customers best interests all the time.“
Furthermore, clients of the organization would not require a bitcoin wallet or an account with any cryptocurrency exchange in order to use the service.
Wealthcare Inc. is said to have approximately $25 billion in assets under management (AUM) spread across 440,000 accounts.
However, they want to expand their ETF menu in the near future, allowing them to offer even more cryptocurrency options, according to the company.