Vanguard to Allow Crypto ETFs and Mutual Funds on its Platform

TL;DR

• $11 trillion asset manager Vanguard will open up its platform to crypto ETFs and mutual funds starting today, December 2nd.

• Bloomberg reported that the move will give access to the firm's 50 million clients to invest in regulated digital asset ETFs.

Vanguard Opens Platform to Crypto ETFs

Vanguard, one of the world's largest asset managers with roughly $11 trillion in assets under management, is set to allow its customers to trade crypto ETFs and mutual funds on its platform.

According to the Bloomberg report, Vanguard will open up access to this service today, December 2nd. Andrew Kadjeski, Vanguard's head of brokerage and investments, told Bloomberg that,

"Cryptocurrency ETFs and mutual funds have been tested through periods of market volatility, performing as designed while maintaining liquidity. The administrative processes to service these types of funds have matured, and investor preferences continue to evolve."

Bloomberg added that Vanguard will support most crypto ETFs and mutual funds that meet regulatory standards. As such, ETFs tied to memecoins or unsupported by the SEC will remain barred on the platform.

Finally, the report revealed that Vanguard doesn’t have current plans to launch its own crypto products.

The launch will allow Vanguard's 50 million clients access to regulated crypto funds, including BlackRock’s IBIT, and others. Cryptocurrency ETFs allow institutional investors to gain exposure to digital assets without holding the underlying assets. 

Spot Bitcoin ETFs were approved roughly a year ago and have grown to hit $120 billion in assets under management.