An automated investment service firm based in Palo Alto, California, Wealthfront has announced to enable its clients to invest in the crypto industry. Founded by Andy Rachleff and Dan Carroll in 2008, the statement from the U.S digital wealth manager came following the latest approval of the growing traction of digital currencies by mainstream finance.
Wealthfront Take on Providing Range of Services
After providing a platform for their clients to invest in the crypto space, at the beginning of the week, the company mentioned that now users can build their portfolios from a variety of ETFs examined by the company. The official statement reads;
“Wealthfront, one of the largest digital wealth management firms known as “robo-advisers,” will also allow clients to choose from a range of socially responsible investing options,” it said.
Wealthfront’s co-founder and Chief Strategy Officer, Dan Carroll, said “The changes reflected a growing desire from Millennial and Gen Z investors to make some investment choices, as well as a broader push by financial technology startups to provide a wider range of services within their platforms.”
“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,” Carroll added.
Investment Strategy for Its Clients
It is observed that the investment strategy has always been more conservative in the past. The moves mark a notable shift for Palo Alto, in terms of automatically issuing client assets into a set of ETF-based portfolios. However, it is not yet specified which cryptocurrencies will become part of the allocation.
The company is not providing its services for the first time. According to statistics the total account holder and assets under management are 357,425 and $16 billion respectively for the U.S. investors – mentioned in a regulatory filing of October last year.