Wealthfront has added two Grayscale Trusts to the company menu of investments. Customers can now gain crypto assets via the platform’s Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).
Wealthfront announced it will grant its customers to gain exposure to Bitcoin and Ethereum through Grayscale’s trust shares. The company decided to add Customizable Wealthfront portfolios, and among two crypto trusts, there’s hundreds of options to choose from.
“Buying cryptocurrency can feel intimidating – 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.”
Customers will be able to allocate up to 10% of their total portfolio to the two Grayscale crypto trusts. The firm claims the 10% limit is in the best interest of customers as far as risk is concerned.
“We limit your allocation of up to 10% of your total portfolio. 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,” the company explained.
“GBTC and ETHE round out our significantly expanded menu of investment options,” Wealthfront’s announcement concludes. The company also expanded its ETF offering by adding several ARK Invest ETFs like ARKF, ARKG, and more.
Wealthfront is among the largest Robo-advisory platforms in the world, with $25 billion in assets under management. Last week JP Morgan also took a similar action. JP Morgan also added Grayscale’s Bitcoin Cash and Ethereum Classic trust making it available as an option for investors.
