Seeking Alpha
2022-10-04 14:18:02

Robinhood rival Stash allows its over 2M users to buy eight cryptos

Investing and banking app Stash, a rival of Robinhood Markets (HOOD), has pushed deeper into the cryptocurrency space Tuesday after providing its more than 2M subscribers access to buy eight tokens.Stash, which has almost $3B in assets under management, partnered with Apex Crypto as its crypto investing infrastructure provider to enable crypto trading and execution services.The tokens were not identified, though Stash said users can buy "eight of the largest and most established cryptocurrencies available," so perhaps bitcoin (BTC-USD) and ethereum (ETH-USD) - the two largest tokens by market cap - are in that mix.Furthermore, Stash said it introduced a crypto calculator tool to help customers build and keep a balanced portfolio based on their current holdings.The fintech initially dove into crypto earlier this year when it introduced crypto exposure in its fully-managed Smart Portfolio accounts, of which than 500K people have signed up.Robinhood (HOOD), by comparison, has rolled out a slew of crypto-related products for retail investors in recent years, ranging from a self-custody wallet to crypto trading on its platform. It recently partnered with stablecoin-issuer Circle to let users buy and sell USDC (SDC-USD).

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