Featured image from UnSplash, charts from TradingView.com
Chicago-based brokerage firm M1 Finance to provide crypto-trading services
The bear market has left a sour taste for crypto investors, and most people are worried about the current trend in the market. Many companies are also struggling to maintain operations in the midst of problems with insolvency, lack of liquidity and mandatory downsizing of the workforce.
But even with all these problems, innovations and developments continue to emerge, proving that the industry is not dead. A recent notable development is the plan to create accounts and trading services of M1 Finance.
The online brokerage company plans to expand its business by including these two services. According to the team, the launch will probably take place in a few weeks. M1 Finance has been in business since 2015, and according to them, the company now has over $ 5 billion AUM (assets under management).
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M1 Finance is known for offering commission-free trading on exchange traded funds (ETFs) and equities. It also offers retirement accounts and plans to add users’ trading services and cryptocurrencies.
M1 founder plans for the crypto sector
The founder and CEO of M1 Finance has explained the plans through an official blog post. Brian Barnes revealed that the expansion aims to satisfy their customers who are fighting for more support for digital assets.
According to Barnes, M1 customers are asking to add crypto to the company’s services. In addition, he pointed out that many people globally, including 20% of Americans, already invest, trade or use digital assets.
Also, in the company’s survey of users, up to half want to use the company’s platform to invest in cryptocurrencies. This is why M1 Finance plans to add crypto trading and accounts to enable customers to assess the digital asset class in their long-term investment strategies.
In terms of actual rollout, Barnes revealed that they would start with such as BTC and ETH plus other liquid cryptocurrencies with large capitalization. So after a while, the company stated that more deals would join these big shots. The CEO also mentioned that the company aims to offer commission-free trading, just as Robinhood offers.
Details on M1 Finance offers
M1 offers many services, including the popular cake-based investment services. With this service, users can analyze all assets in their portfolio and the percentage of their exposure via a pie chart presentation. Then they just need to create the tile-like portfolio and let the algorithmic software on M1 Finance balance the portions.
In addition to creating a portfolio of asset pies, users can also use M1 Finance automated pies that display different types of stocks for passive investment. With this latest expansion plan, the company has revealed that new cryptocurrency accounts will also use cake-based investment.
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These accounts can create their crypto portfolio that matches risk tolerance and financial goals. Users can decide to build their pies or use the pre-built expert pies based on DeFi, large coins and Web3. It all depends on the user’s choice.
