Investment company Wealthfront gave its clients the opportunity to purchase shares of the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE) cryptocurrency funds.
In addition to GBTC and ETHE, the company will later add support for multiple cryptocurrency investment solutions, according to a Wealthfront blog post. Wealthfront enables clients to leverage portfolio rebalancing with taxes, dividend reinvestment, and other automated solutions.
According to the company, holders of over 400,000 accounts will be able to add cryptocurrency investment solutions to their portfolios without opening an account on a cryptocurrency exchange or setting up cryptocurrency wallets. Investments in products for cryptocurrencies can account for up to 10% of a client’s portfolio.
“We are limiting investments in GBTC and ETHE because, as a fiduciary, we always act in your best interest. These investments can be riskier and more volatile than most ETFs, ”the company says.
Wealthfront now manages assets worth more than $ 21 billion. More and more companies are starting to offer access to cryptocurrency products and services. This week, State Street, one of the oldest American banks, has partnered with New York-based company Lukka to launch cryptocurrency services for individual clients.
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