Investing and banking app Stash has announced that customers will be able to buy eight of the largest and most established cryptocurrencies through a separate crypto account.
Powering the investments, which will include bitcoin and ether, will be infrastructure provider Apex Crypto, according to a release.
Founded in 2015, Stash is a fintech unicorn that offers banking and investing services through its digital platform. The startup most recently raised $125 million in a Series G funding round, bringing its total funding to $427 million, according to Crunchbase.
Stash’s backers include T. Rowe Price, Eldridge and Union Square Ventures.
"Stashers are intrigued by crypto and we are here to help them as a trusted partner," said Brandon Krieg, co-founder and CEO of Stash, in the release.
This is Stash’s second push into crypto. The first occurred earlier this year when the startup introduced crypto exposure in its fully-managed Smart Portfolio accounts.
It's also rolling out a new crypto calculator that aims to help customers build balanced portfolios. They will receive in-app alerts if the portfolio has too much crypto exposure relative to their risk profile, the company said.
Doug Feldman, Stash’s chief investment officer, told TechCrunch that customers won’t be able to store their own crypto in a wallet. However, he didn’t rule out a crypto wallet launch in the future.
Stash has more than 2 million active customers and nearly $3 billion in assets under management, according to the release. Total customers are down roughly 60% compared to the five million outlined in January 2021 while AUM is up by around 20%.
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