Betterment, a large financial advisory firm that offers automated advisory and money management services, has not decided to offer cryptocurrencies on the platform.
Better wants to continue to expand its services to digital assets such as Bitcoin (BTC), according to CEO Sarah Levy.
“We believe that if we can provide the right context and advice, it will be possible to participate in some of these new asset classes,” Levy said in an interview Tuesday at the Bloomberg Wealth Summit. “I want to find a way to introduce cryptocurrency responsibly, but I can not say that we are in that direction. I think we are still in a mode of observation and learning,” she added.
Founded in 2008, Betterment is a popular platform in the United States that helps clients invest in a globally diversified portfolio of “risk-adjusted” equities and bonds over a specified period.
In April, the company announced record growth in the first quarter of 2021, adding $ 10 billion to its net worth and registering a 116% increase in new customers compared to the same period last year. Betterment previously acquired the book in the United States from rival Canadian robot consultant WealthSimple, the company that launched the first regulated cryptocurrency exchange in Canada in September 2020.
As Betterment continues to search for a potential move for cryptocurrencies, major Wall Street companies, including Goldman Sachs and Morgan Stanley, have already taken steps to allow high-wealth customers to invest in cryptocurrencies. The global payment giant PayPal said that the demand for crypto services exceeded the company’s expectations after the company launched its first cryptocurrency offering at the end of 2020.