UBS to acquire robo-advisor Wealthfront for $1.4 billion

advertisement

UBS will buy the robo-advisory firm Wealthfront for $1.4 billion, the two companies announced Wednesday.

The announcement characterized the deal as an "all-cash transaction valued at $1.4 billion." According to the press statement, "Wealthfront's existing clients will see no immediate change to their experience and can look forward to benefiting from UBS's breadth of products, services, and intellectual capital."

"The transaction is currently expected to close in the second half of 2022, subject to closing conditions including regulatory approvals," per the release.

The announcement is notable in the crypto context given that last summer, Wealthfront began offering crypto-related access to its clients in the form of the Grayscale Bitcoin Trust and Grayscale Ethereum Trust. Wealthfront had signaled its plan to provide such access in April 2021, citing interest from younger investors. 

UBS leadership has struck a largely negative tone when it comes to crypto, as noted last fall by Fortune. Earlier this month, the bank told clients that "we view direct exposure in crypto coins or tokens as attractive only for highly risk-tolerant and speculative investors." The bank also said that it "does not conduct any business within the digital asset space."

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The TRON Ecosystem Thrives Amidst Market Chaos

TRON DAO has announced the launch of a $10 million incentive fund in light of recent events to support Terra developers migrating to the TRON ecosystem, including TRON’s EVM compatible cross-chain solution BitTorrent Chain (BTTC), which helps facilitate the seamless transfer of assets across mainstream public chains, including TRON, Ethereum, and BNB Chain. 
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC