Wealthfront is the latest one to start allowing its clients to invest in cryptocurrencies later this year.

The US digital wealth manager with $16 billion in assets under management said starting this week; users will be able to build their own portfolio from a range of ETFs vetted by their team.

This a notable shift for Palo Alto, a California-based startup that has been traditionally more conservative and long term. It is not yet known which cryptos would be available.

Dan Carroll, co-founder, and chief strategy officer of Wealthfront, said the changes reflected a growing desire from Millennial and Gen Z investors to make investment choices.

“Wealthfront will be the place to invest responsibly, not some Wild West arcade,” Carroll said. “We can do it in a fiduciary way. We care what is in your best interests. We won’t let you put 100% of your portfolio in crypto.”

The company, which has around 357,425 accounts, will also continue to rebalance portfolios automatically and tell users about the impact their investment choices have on their risk level.

Amidst this growing adoption of cryptos, big news came from Germany, where new legislation allows the managers of popular institutional investment funds, Spezialfonds, to allocate 20% to crypto assets.

The law that cleared federal parliament last Thursday will come into force on July 1, which further legitimizes the asset class and boosts the cryptocurrency industry in the country.

According to market experts, this could release huge sums of money as it allows thousands of existing investment funds to invest in Bitcoin and other crypto-assets.

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