The online brokerage firm will firstly roll out trading services for ten digital assets, including Bitcoin (BTC) and Ethereum (ETH).
M1 Finance, a Chicago-based financial services firm founded in 2015 and managing over $5B worth of AUM, has recently revealed its plans to join the crypto ecosystem, despite the current bear market.
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According to the official announcement issued on July 11th, the company will be rolling out crypto trading accounts and commission-free trading services, initially supporting ten digital assets such as Bitcoin (BTC) and Ethereum (ETH), later in July. However, the online brokerage corporation mentioned that it would introduce even more assets in the near future.
More notably, M1 Finance will also be offering its users the ability to create custom crypto "Pie" portfolios that "consolidate all investments into one platform." This will allow customers to see the digital asset and its percentage displayed in a pie shape, a feature backed by algorithmic software that performs automatic updates whenever the balance on the portfolio is altered.
On top of that, Brian Barnes, the CEO of M1 Finance, mentioned that the initiative was purely backed by the recent cryptocurrencies’ popularity, as more than 20% of people living in America have utilized the digital asset in one way or another.
The CEO mentioned that the firm isn't trying to influence people to start trading in any way possible, and is simply introducing digital assets due to the fact that half of the people using M1 displayed their desire to leverage the robo-advisor to invest in crypto.
However, it seems as though the news of M1 crypto trading accounts' upcoming launch arrives at an unfortunate time, with the largest cryptocurrency Bitcoin (BTC) plummeting from its all-time high of $68,785 to $19,714.
