Mobile investment platform Titan is getting into the crypto game.
The company, which describes itself as a “Fidelity for millennials and Gen Z,” currently offers three “strategies” – Titan’s version of an index fund – for investors to gain exposure to the stock market. It manages approximately $500 million for over 30,000 clients.
But with its new product, Titan Crypto, the investing app is expanding its offerings into the crypto realm with a basket of leading coins. Titan’s actively managed crypto offering will feature a collection of five to 10 cryptocurrencies that, according to Titan co-CEO Clay Gardner, will include bitcoin and ether as well as altcoins like Cardano’s ADA and Stellar’s XLM.
As cryptocurrencies become more mainstream, retail investors are clamoring to get involved. But for some, the process of setting up a wallet and navigating the crypto ecosystem can be overwhelming. User-friendly investing platforms like Robinhood, PayPal and now Titan have sprung up offering various levels of crypto exposure to crypto-curious retail investors.
Titan Crypto’s investment team, led by analyst Gritt Trakulhoon, will make monthly adjustments to the allocations and coins contained in the crypto portfolio based on performance.
Titan did not tell CoinDesk where the actual crypto would be custodied. (For example, PayPal uses Paxos to power its crypto services.)
Gardner told CoinDesk that over time, Titan hopes to expand its crypto offerings to include decentralized finance (DeFi) tokens as well as add more features for users including staking and lending.
In July, Titan raised $58 million in a Series B funding round led by Andreessen Horowitz (a16z), a venture capital firm known for its crypto investments. Anish Acharya, a general partner at a16z, joined Titan’s board of directors.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.