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Roboadvisor Betterment Launches Crypto Offering

Admin by Admin
October 13, 2022
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roboadvisor betterment launches crypto offering
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Betterment, a roboadvisory platform that manages more than $30 billion in assets, has finally launched its crypto offering after completing a private beta phase.

Crypto Investing by Betterment, as the new offering is called, debuts to Betterment’s retail and advisor.

Customers today with four themed, customizable portfolios that will allow users to invest in curated selections of digital assets, the company’s VP of crypto, Jesse Proudman, told TechCrunch in an interview.

According to Proudman, the four portfolios that launched today include approximately 25 different cryptocurrencies each, categorized as follows:

  • “Universe,” which purports to offer broad exposure across the crypto landscape and includes coins such as Bitcoin, Ethereum, Chainlink and Filecoin
  • “Sustainable,” which focuses on green blockchains including Ethereum, which recently transitioned to a proof-of-stake (PoS) transaction verification mechanism, and other PoS chains such as Solana and Tezos
  • “Metaverse,” comprised of assets involved with immersive online experiences such as gaming and digital commerce, such as tokens used in Decentraland and Sandbox
  • “Decentralized Finance,” which contains tokens native to DeFi protocols including Aave, Uniswap and Compound

Proudman noted that the offering will include a feature that guides users to limit their crypto exposure to 5% of their investable assets as a guardrail.

Betterment announced last month that it would be partnering with crypto exchange Gemini, helmed by the Winklevoss twins, to develop the crypto portfolios and serve as custodian for the assets.

The company’s last publicly known fundraise was a $160 million round announced in September last year, which it raised at a $1.3 billion valuation.

The company has been relatively slow in adding crypto to its suite, compared to other investment platforms like Robinhood and Acorns.
Perhaps in part because it wants to focus on messaging around the importance of long-term investing, especially as the crypto markets continue to prove volatile.
Betterment’s launch comes just a week after investing app statch announced his own crypto offering.
It is informed by an anti-trading, long-term ethos that stands in contrast to the short-term trading mentality often associated with Robinhood’s rise.
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