In a press release from Wealthfront earlier today, the leading robo-advisor platform has struck a deal with Coinbase to offer clients (read: millennials) access to digital assets such as Bitcoin, Ethereum, and the coming wave of tokens that Coinbase has signaled they plan to list over the next year.
The continued cross-currents between both Wall Street and the digital asset economy are undeniable at this point. All manner, size, scale, and reputation of traditional finance based exchanges and broker-dealers are set to offer some sort of access to digital assets and tokens. It isn’t slowing down, rather the pass is picking up.
“Today, we’re excited to announce you can now track your cryptocurrencies by connecting your Coinbaseaccount to Wealthfront! We’re especially excited because this has been one of our clients’ most requested features.”
“You have always been able to connect a wide variety of account types and asset classes to our Path advice engine—from bank and brokerage accounts to real estate, mortgages, and student loans. But we know many of you like to dabble in other innovative financial products, like cryptocurrencies. So now, we make it possible for you to add information about your cryptocurrency holdings in your Coinbase account to Wealthfront to get a more holistic view of your financial picture. And even more importantly, we factor that information into your free financial plan.”
Rather than offer the ability to trade cryptocurrencies directly from Wealthfront, they’ve created a specific API that allows clients to link their Coinbase account to their platform and be visible on their statements/app/desktop. The same functionality exists for other accounts at Fidelity, Bank of America, Vanguard and others.
Still, another move of scale forward for the digital assets ecosystem.