American-based investment company Stash has now enabled a crypto offering on its platform by giving access to eight cryptocurrencies for its two million users to buy and trade, TechCrunch reported on Tuesday.
Stash Enables Crypto Offering
As part of its investment policy, Stash believes that its investors should be exposed majorly to long-term investments, rather than risky investments that may bring short-term gains, the report added.
For that reason, the company embraced only eight cryptocurrencies, after spending over a year integrating the crypto offering. The crypto assets are Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Chainlink, Avalanche, Solana, and Uniswap.
Ed Robinson, the co-founder of Stash, explained that the company features only eight assets as it embraces cryptocurrency offerings because it believes they are strong assets. He added that the company has no hasty plans to add to the listed cryptocurrencies.
“We’re not doing a wholesale approach of listing hundreds or thousands of cryptocurrencies on the platform. It’s this very small curated list with education and guardrails around it, and we believe that we’re offering to our customers the more established cryptocurrencies that have a longer-term use case associated with them,” he said.
It is noteworthy that, by enabling the crypto offering for its two million users, Stash helps to bolster the use of cryptocurrencies and the growth of the global crypto market, which is currently below $1 trillion due to the bear market.
Possible Roll-out of a Crypto-Focused App
Stash collaborated with crypto exchange firm Apex Crypto to launch its crypto offering. This entails that Apex Crypto will serve as custodian for Stash’s investors who invest in the cryptocurrencies supported on Stash.
Doug Feldman, Stash’s chief investment officer, noted that the company might likely launch an app dedicated to crypto assets. He added that a maximum of 6% of an investor’s entire portfolio is recommended to maintain exposure to cryptocurrencies.
“Having a small amount of crypto exposure [. . .] will help Stash customers capture some of the asset class’s potential upside in the long term,” the statement added.
Meanwhile, some other investment companies have embraced cryptocurrencies. An example is the American-based investment firm Robinhood, which began offering crypto services in 2018. In a recent report, Robinhood launched a beta version of its non-custodial Web 3 wallet dubbed Robinhood Wallet.
