Betterment, a major financial advisory firm that offers robo-advice and cash management services, has yet to decide whether to add cryptocurrencies to its platform.
“We’re believers that if we can provide the right kind of context and advice, that it’s OK to participate in some of these newer asset classes,” Levy said in a Tuesday interview at Bloomberg’s Wealth Summit. “I’d like us to find a way to responsibly offer crypto, but I can’t say that we’re there yet. I think we’re still in kind of a watch-and-learn mode,” she added.
Betterment, which founded in 2008, is a popular platform in the United States. That assists clients in investing in a globally diversified portfolio of stocks. And bonds that allocated to an “appropriate level of risk” for a given timeline.
In April, the company announced record-breaking growth in the first quarter of 2021, adding $10 billion to its AUM and reporting a 116 percent year-over-year increase in new clients. Previously, Betterment purchased the U.S. book of rival Canadian robo-advisor WealthSimple, which will launch Canada’s first regulated crypto exchange in September 2020.
While Betterment continues to investigate a possible move into cryptocurrency. Major Wall Street firms such as Goldman Sachs. And Morgan Stanley has already taken steps to allow wealthy clients to invest in cryptocurrencies. After launching its first crypto offerings in late 2020. Global payment giant PayPal said that demand for its crypto services exceeded the company’s expectations.