M1 Finance

Institutions seem to still be interested in expanding into the crypto space despite the notable dips witnessed over the past nine months. M1 Finance, an online brokerage platform, has announced the possible launch of cryptocurrency trading accounts and other crypto-related services.

M1 Finance ventures into crypto

In the recent announcement, M1 Finance urged its users to start researching cryptocurrencies, as the company would soon launch a feature that allows them to create their personalized crypto portfolio.

M1 is one of the leading financial companies based in the US, with over $5 billion in assets under management (AUM). The brokerage company provides retirement accounts and allows users to trade stocks and exchange-traded funds (ETFs) at zero commission.

The founder and the CEO of M1 Finance, Brain Barnes, said that venturing towards cryptocurrencies had been influenced by rising demand for crypto services by consumers. Barnes admitted that despite the cryptocurrency market’s volatility, investments were picking up, with more than 20% of Americans already invested in the space.

Barnes noted that a survey conducted by the company revealed that around 50% of the surveyed users wanted M1 to venture into digital assets. By having these assets in client portfolios, it will be possible to integrate cryptocurrencies as part of M1’s long-term investment plan.

During the initial phase, M1 will support ten cryptocurrencies and allow users to buy Bitcoin and Ethereum. The company announced that it would expand its crypto portfolio with time and will also not charge commissions similar to platforms such as Robinhood.

Crypto pie-based investing

One of the main offerings promoted by M1 Finance is pie-based investing. This type of investing enables users to develop a portfolio of “Pies” wherein every asset and the level of exposure will be depicted as a slice on the pie graph.

Pie-based investing is done using algorithmic software that can balance every portion of the pie automatically. This service depends upon the initial investment strategy or the asset allocations provided by the investor.

M1 Finance also provides curated and automated Pies that expose investors to different stocks, opening them up to passive income. The company has confirmed that its cryptocurrency offerings will be part of the new cryptocurrency accounts. The blog post from the company added that crypto investors can build a portfolio that aligns with their financial objectives and risk appetite.

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