Explaining his interest in Onramp Invest, Ritholtz CEO Josh Brown said in a statement: “As fiduciaries, we have to understand and quantify the role these assets play in our clients’ portfolios. Onramp is providing financial planners with the industry’s first solution to incorporate this essential information into our services.”
In addition to Ritholtz, other initial investors that have taken part in Onramp’s current funding round include Gemini Frontier Fund and Eterna Capital. In addition to Advyzon, Onramp’s early adopters and confirmed integration partners to date also include CF Benchmarks and Wealthbox, according to Onramp.
“Our integration with Onramp Invest gives advisors the ability to not just have a one-time conversation but manage these assets alongside more traditional options,” according to John Mackowiak, chief business development officer at Advyzon.
Separately, WisdomTree Investments introduced the WisdomTree +Crypto Model Portfolios that it said will be made available for advisors to view as an educational resource, including via Onramp Invest, with integration into Gemini’s crypto platform.
Ross told ThinkAdvisor last month that Onramp would be providing content with WisdomTree for advisors and that it was also “having discussions with WisdomTree now to build out some model portfolios for financial advisors with some really cool allocations with Bitcoin and Ether,” the native cryptocurrency of the Ethereum open-source blockchain.
“We are working closely with them to get this done within the next month or so,” he said. WisdomTree did not respond to a request for comment at that time.
The new +Crypto Model Portfolios are “intended to serve as a resource for advisors to consider as they guide their clients who may be looking to participate, based on risk tolerance and other diligence considerations, in this evolving segment of the market,” Will Peck, WisdomTree head of strategy and emerging technologies, said on Tuesday.
WisdomTree has provided a license to Onramp for displaying WisdomTree +Crypto Model Portfolios on the Onramp platform to be accessed by advisors at their own discretion, according to WisdomTree. But “WisdomTree does not have an arrangement with Gemini, which is an Onramp relationship,” the asset manager said.
Also at Consensus on Tuesday, Daniel Eyre, CEO of Blockchange, a digital turnkey asset management platform (DTAMP) for advisors, said clients are driving increased demand for crypto. “Clients are saying to advisors, ‘we’re interested in digital assets; we’re more interested in it than gold and tech stocks in some cases.’”
These tend to be younger investors who “understand the underlying value of the technology and they’re ready to move their assets between advisory firms or asset managers to get what they’re looking for,” Eyre said.
Pictured: Tyrone Ross. (Source: Onramp)