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Crypto for all, says robo-investor Betterment


The news comes on the heels of another local bank’s foray into digital currency. BNY Mellon, the city’s oldest bank, announced earlier in the week that it would be able to hold and transfer digital currencies. Unlike other custodians, BNY Mellon has a master account with the Federal Reserve, which means it does not need to have an intermediary to help store the digital assets.
 
Betterment’s offering is enabled by Gemini, which is acting as Betterment’s custodian.
 
Betterment, which had more than $30 billion in assets under management as of late August, will allow customers to invest in digital assets in four ways: through a broad collection of cryptocurrencies, in crypto that tries to be environmentally sustainable, in Metaverse products and projects, and in blockchain technology assets.
 
Early in the year, Betterment acquired the Seattle-based company Makara, which had pioneered a method of cryptocurrency investing through strategic algorithms. That company’s founder, Jesse Proudman, is now the vice president of cryptocurrency at Betterment. Proudman said Betterment’s existing infrastructure was instrumental in bringing his solution for crypto investing to a broader number of people. Betterment has more than 730,000 customers, the company said.
 
As with other investing products, Betterment offers a number of user-friendly interfaces and educational material around crypto. It suggests that users put no more than 5% of their investable assets into cryptocurrency.



Read More: Crypto for all, says robo-investor Betterment

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