Various fintech names like PayPal (PYPL) - Get Report and Square (SQ) - Get Report have been aggressive in the adoption of cryptocurrency as a form of payment and allowing an overlay in cryptocurrency market investments.
Square invested $220 million, or 5%, of its cash in 2020 and it's worth more than twice that amount now.
"I think these companies are being shaped by the market," said New Constructs CEO David Trainer.
"The demand of the younger cohorts for access to these kinds of investments is causing traditional, older wealth management clients to capitulate and fight for customers in the new, younger demographic. And they're fighting against fintech startups like PayPal and Square, which are able to move more quickly in these new assets and categories," Trainer added.
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