Chicago-based brokerage firm M1 Finance will provide cryptocurrency trading services
The bear market has left a sour taste among crypto investors, and most are concerned about the current market trend. Many businesses are also struggling to maintain their operations amid insolvency, cash shortages and mandatory downsizing.
But even with all these problems, innovations and developments continue to emerge, proving that the industry is not dead. A notable recent development is the creation of planned accounts and the 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 in AUM (assets under management).
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M1 Finance is known for offering commission-free trading in exchange-traded funds (ETFs) and stocks. It also offers retirement accounts and plans to add trading services and crypto accounts to users.
M1 founder plans for the crypto sector
The founder and CEO of M1 Finance explained the plans through an official blog post. Brian Barnes revealed that the expansion is aimed at satisfying his customers who are vying for more support for digital assets.
According to Barnes, M1 customers are requesting to add crypto to the company’s services. Furthermore, she pointed out that many people around the world, including 20% of Americans, are already investing, trading or using digital assets.
Furthermore, in the company’s survey of its users, up to half want to use the company’s platform to invest in cryptocurrencies. That is why M1 Finance plans to add crypto trading and accounts to allow clients to consider the digital asset class in their long-term investment strategies.
As for the actual launch, Barnes revealed that they will start with companies like BTC and ETH, as well as other large-cap liquid crypto assets. Then, after a while, the firm said other deals would join these bigwigs. Furthermore, the CEO mentioned that the company aims to offer commission-free transactions, just like Robinhood offers.
Details on the M1 financing offers
M1 offers many services, including the popular pie-based investment services. With this service, users can analyze each asset in their portfolio and the percentage of their exposure through a pie chart presentation. Then they just need to create the wallet in the shape of a pie and allow M1 Finance’s algorithmic software to balance the slices.
In addition to creating a portfolio of asset pies, users can also use automated M1 Finance pies that display different types of stocks for passive investment. With this latest expansion plan, the company revealed that new cryptocurrency accounts will also use Pie-based investments.
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These accounts can build your crypto portfolio based on your risk tolerance and financial goals. Users can decide to build their cakes or use the pre-built expert cakes based on DeFi, large-cap coins, and Web3. It all depends on the user’s choice.
UnSplash Featured Image, TradingView.com Charts
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