Financial Advisory Firm Betterment Is Not Yet Ready To Dive Into Cryptocurrency Services Reveals CEO
Betterment is an investment application and platform that focuses on digital wealth, and after it had managed to reach record-shattering levels of growth within the first quarter of 2021, one would consider the time to be right for the platform to make the jump to cryptocurrency. However, Betterment has yet to offer any kind of crypto-related services to its users and had actually gone as far as to say that the need to implement cryptocurrency to its pre-existing services still needs to be rigorously studied and thoroughly assessed.
Founded in 2008, Betterment is also a company that offers financial advisory-related services, services pertaining to cash management, and robot-advising as well. Cryptocurrencies have exploded in popularity lately, with altcoins such as DOGE, BNB, and ETH managing to reach record-breaking levels recently. However, Betterment remains hesitant in its decision to join in on the crypto craze.
Betterment still searching for the right moment and context
As of the time of this writing, the company continues to research the possibility of potentially expanding its services to also involve digital assets such as BTC (Bitcoin), according to Sarah Levy, who is the CEO (Chief Executive Officer) of the company.
Levy further commented that it would be acceptable and logical to take part in certain new digital asset classes. However, there would be a requirement for both the correct sort of advice as well as context for this to take place. She then added that while it would, of course, be beneficial for the customers to have crypto-related services, the company, on the other hand ‘just is not there at the moment, and that right now it is imperative that Betterment sits and observes everything that is happening in the world of cryptocurrency instead of taking any kind of action or decision which may end up harming it in the future.
Major financial players are backing crypto
It had been during the last month that Betterment made it known to the public that it had managed to add $10 billion in its Assets Under Management (AUM) as well as experienced a whopping 116% increase in terms of new clients per year. Betterment had also previously acquired WealthSimple, a robot advisor of Canadian origin that had actually launched the very 1st regulated cryptocurrency exchange in Canada in the latter part of 2020. Nevertheless, as Betterment ponders the decision to adopt crypto, many other key players and financial institutions have already done so. These include the likes of Morgan Stanely, JPMorgan Chase and Co., PayPal, Venmo, and Goldman Sachs.
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