Online Brokerage Firm M1 To Launches Crypto Trading Accounts

Online brokerage firm M1 on Tuesday announced the launch of crypto trading accounts and services over the next few weeks, allowing users to invest in a personalized portfolio for the long term.

The company’s CEO Brian Barnes said roughly half of its surveyed users had sought to use the platform to invest in cryptocurrencies.

The company, founded in 2015, claims to have about $5 billion worth of assets under management. It currently offers commission-free investing in stocks and exchange-traded funds (ETFs).

Half of surveyed users sought to invest in cryptos

“The crypto market is still young and volatile; Bitcoin emerged just 13 years ago. Cryptocurrencies are a roughly trillion-dollar asset class that over 20% of Americans have invested in, traded, or used. It has been the most requested asset addition, with roughly half of our surveyed users wanting to use M1 to invest in crypto,” Barnes said.

He added that adding crypto services to the platform gives users the choice to make this burgeoning asset class a part of their long-term investment strategy if it matches their risk tolerance and long-term perspective.

Initially, ten cryptos, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) will be offered, with additional cryptos being made available over time.

Also Read: Dogecoin Drops Lower As Investors Brace For Macro Headwinds Again

Users can build custom portfolios

M1 will offer users the option to build custom “crypto Pies” or use “Expert Pies”, which are pre-built using thematic strategies such as DeFi, Web3, and large-cap crypto.

Pie-based investing allows users to create a portfolio of pies in each asset, represented as a slice on a pie graph. The portion of the pie is balanced by algorithmic software, depending on the user’s risk appetite and investment strategy.