The US Online Brokerage Firm M1 finance will soon launch cryptocurrency trading for its half million users. The exchange platform will launch a commission-free trading service and roll out crypto services in the coming weeks. The Chicago-based company represents more than $5 billion in assets under management (AUM). M1 Finance CEO Brian Barnes confirmed that the company has received multiple requests from users to start crypto trading. Due to the strong demand, the company decided to get into the world of crypto and allow users to trade cryptocurrencies.
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“It is the most requested asset addition, with about half of our surveyed users looking to use M1 to invest in crypto,” Barnes wrote in a blog† He added, “The crypto market is still young and volatile; Bitcoin came into existence just 13 years ago. Cryptocurrencies are an approximately trillion dollar asset class in which more than 20% of Americans have invested, traded or used.
At the time of going to press, the platform has not disclosed a tentative launch date for its new cryptocurrency services.
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Which cryptocurrencies will M1 Finance display?
M1 Finance has confirmed that they will initially list 10 cryptocurrencies and add more tokens in the future. The assets that will be listed on M1 Finance are Bitcoin, Ethereum, Solana, Litecoin, Avalanche, and other large-capitalization liquid crypto assets. However, the company has yet to reveal the names of the other five cryptos that will be listed on the platform.
“We want to provide access to a wide range of assets. So we will continue to expand and update our crypto offerings over time,” read the blog.
Also, M1 Finance confirmed that their composite and automated pies, which run on stocks, will also be offered to cryptos. M1 Finance is known for its automated pies specially formulated to meet the needs of the users.
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“Create a crypto portfolio that fits your financial goals and risk tolerance. You can build custom crypto pies or use Expert Pies. Those are pre-built using thematic strategies like DeFi, Web3, and large-cap crypto,” read the blog.