Betterment Staying Away From Crypto Despite Mainstream Attention
(Bloomberg) — Betterment, the robo-advising investment firm, has no plans to give its customers access to cryptocurrencies just yet.
“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,” Chief Executive Officer Sarah Levy said during an interview Tuesday 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.”
The comments come as more institutional players are unveiling vehicles that allow their customers to buy, sell and hold cryptocurrencies.
Earlier this year, Mastercard Inc. became the latest company to embrace digital assets after it announced that it will allow cardholders to transact in certain cryptocurrencies. Last summer, Fidelity Investments opened a Bitcoin fund only available to wealthy investors.
After sitting on the sidelines of crypto, major Wall Street banks are also jumping on board. Goldman Sachs Group Inc. and Morgan Stanley have taken steps to offer wealthy clients access to funds that will enable ownership of Bitcoin.
Meanwhile, Sotheby’s said Tuesday that it will accept Bitcoin and Ethereum for a May 12 auction of Banksy’s “Love is in the Air” image.