According to a Tuesday (Sept. 27) Gemini blog post, the offering will let customers invest “in curated crypto portfolios constructed from digital assets listed on the Gemini Exchange,” with Gemini serving as Betterment’s crypto custodian.
“By integrating with Gemini, Betterment customers will be able to gain exposure to the crypto asset class to further diversify their long-term investment portfolios on a platform that they already know and trust,” the release said.
Beginning in October, Betterment’s 730,000 customers will get access to “expert-built” crypto portfolios assembled by Betterment, while Betterment for Advisors’ partners will gain the ability to offer crypto to their clients, the release said.
Recent research by PYMNTS found that nearly a third of consumers want to use cryptocurrency to make payments in the coming years, primarily among higher earners and those who have difficulty living within their means.
Both cases show a steady progression, with 23% of those who do not live paycheck to paycheck saying that a key driver for purchasing cryptocurrency is to make payments. For those living comfortably paycheck to paycheck, that increases to 32%, but for those living paycheck to paycheck with trouble paying their bills, it’s 43%.
Gemini’s partnership with Betterment comes two months after the company said it was working with Plaid to offer Gemini users a chance to share account holding details and get a better view of financial planning.
Plaid said in its announcement that despite a growing interest in crypto, many people still face barriers to entry, with onboarding often designed solely for experts.
“Now, Plaid and Gemini are working to simplify the user onboarding process, including making it faster and easier for Gemini users to fund their crypto accounts,” Plaid said.
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