Vanguard Group will now allow trading of ETFs and mutual funds holding cryptocurrencies like Bitcoin and Ether on its platform, a shift from its previous stance. The move is driven by demand, with crypto ETFs gaining billions in assets since their launch in January 2024. This decision opens access to 8 million brokerage customers.

The change follows a late-September report indicating Vanguard’s consideration of allowing crypto wrappers. Despite recent price corrections, crypto-linked ETFs are a rapidly growing segment in the US fund industry. Vanguard’s move is seen as a significant shift in traditional finance’s acceptance of digital assets, with CEO Andrew Kadjeski noting the evolving investor preferences.

Vanguard’s decision comes over a year after Salim Ramji, a blockchain advocate, became CEO. The firm will support most crypto ETFs and mutual funds meeting regulatory standards, similar to its approach with non-core asset classes like gold. However, the firm will not create its own digital assets, and memecoin-linked funds remain excluded.

Vanguard aims to provide a diverse range of investment options for its millions of investors without launching its own crypto products. The brokerage trading platform will give clients the ability to invest in products of their choice, according to Kadjeski. Vanguard’s move signals a shift in the financial industry’s approach to digital assets.

Read more at Yahoo Finance: Vanguard Will Now Allow Crypto ETFs on Its Platform