Onu launches crypto custodial accounts for kids powered by Alpaca Crypto
“We believe that by creating more opportunities to diversify portfolios, we can help provide financial empowerment for up-and-coming generations.”
Generational wealth platform Onu has added a new feature that allows parents to create cryptocurrency custodial accounts for their children in order to facilitate crypto savings funds for kids.
At launch, Onu supports twenty-two cryptocurrencies, including Bitcoin and Ethereum among their offerings. The new and volatile investment option is already available on Onu’s platform.
Although already high-risk, crypto gets even riskier when traded on a daily basis with the aim of taking advantage of fluctuations for quick wins. That doesn’t happen as much when holding long-term in a buy and hold model via Onu.
Empoweing up-and-coming generations with crypto and stocks
Anne Mandich, Chief Executive Officer and co-founder at Onu, said: “We’re proud to be the first player to offer custodial accounts that support cryptocurrencies. This helps provide a secure option that legally holds the investment under the child’s name.”
Caleb Marshack, co-founder and Chief Product Officer at Onu, commented: “We’re excited to open more exposure to diverse asset classes on our platform. We believe that by creating more opportunities to diversify portfolios, we can help provide financial empowerment for up-and-coming generations.”
Onu was founded in 2021 and helps families and friends build children’s financial futures through investment gifts of stock and cryptocurrency.
The platform charges no monthly fees and is easy to set up an account for their child and start building a portfolio from thousands of stocks and cryptocurrencies.
The crypto custodial solution behind Onu’s platform is delivered by Alpaca Crypto LLC, which is not a member of SIPC or FINRA. Cryptocurrencies are not stocks and cryptocurrency investments are not protected by either FDIC or SIPC.
Alpaca has been rapidly rising as a strong provider of white label solutions for stocks and crypto. The firm has recently launched tradeable coins on its Alpaca Crypto API, a trading platform designed for brokers who want to facilitate access to crypto and stocks.
The fintech has added Solana, Sushi, Dai, Shiba Inu, Dogecoin, Maker, Matic, and over a dozen other new coins to its existing coins list, available across 49 US states, excluding New York and select international jurisdictions.
The new offering was made possible through an integration with FTX US. Alpaca Crypto API is available for retail traders, investing apps, and embedded services built on top of the Alpaca APIs.
Alpaca is a developer-first Broker API, which helps brokerages and exchanges build and launch their crypto trading app, unified crypto, and stock trading platform, or embedded crypto services, from start to finish.
Alpaca caters to more than 100 broker clients worldwide and has established fintech partnerships across Europe, Asia, Africa, North America, and Latin America.
The fintech firm offers commission-free crypto and stock trading, real-time market data, brokerage operations, and compliance services through modern APIs.
A recent $70m funding round is fueling further expansion. Alpaca is backed by some of the top investors in the industry globally including Portage Ventures, Spark Capital, Social Leverage, Tribe Capital, Horizons Ventures, Eldridge, Positive Sum, Elefund, and Y Combinator.
Earlier this year, Alpaca partnered with Benzinga, a financial media outlet and data provider, in order to offer embedded, real-time news and data to their customers.
The API-first stock and crypto platform will leverage Benzinga’s Stock News API, Logo API, and news data to offer accessible market-moving data to their developer community and their fintech app clientele.