Vanguard, the world’s second-largest asset manager, has opened its offerings to crypto-linked exchange-traded funds and mutual funds, according to Bloomberg.
With roughly $11 trillion in assets under management, the move marks a shift from Vanguard’s previously adopted safety over speculation stance.
“Cryptocurrency ETFs and mutual funds have been tested through periods of market volatility, performing as designed while maintaining liquidity,” Andrew Kadjeski, Vanguard’s head of brokerage and investments, told Bloomberg.
“The administrative processes to service these types of funds have matured, and investor preferences continue to evolve.”
The asset manager will open its platform to most cryptocurrency ETFs and mutual funds that clear regulatory hurdles, putting them in line with gold and other niche asset classes, the report said.
Products related to memecoins or lacking Securities and Exchange Commission (SEC) backing will not be offered to Vanguard’s 50 million clients.
The firm added that it has no current plans to launch its own crypto products, Bloomberg reported.
