Investment advisor Betterment has entered an agreement to acquire cryptocurrency portfolio manager Makara for an undisclosed fee.
The acquisition will see Betterment enter the cryptocurrency market and will provide consumers and financial advisors the ability to invest in expert-built crypto portfolios alongside their existing investments with Betterment.
Betterment claims it allows consumers to invest in cost-efficient, expert-built, equity portfolios that reduce the complexity and risks that are in-built in individual stock trading,
According to Betterment, Makara’s team of crypto experts and engineering talent will join Betterment upon the closing of the transaction, which is expected to occur later this quarter subject to closing conditions.
Betterment CEO Sarah Levy said, “Crypto is here to stay and Betterment wants to live our promise of long-term diversification and to provide our customers with the best variety of assets in the marketplace. Makara is unique in offering consumers managed crypto portfolios combined with the guidance and ease-of-use that have defined Betterment. Makara is to crypto today what we are to traditional investing, since pioneering robo-investing a decade ago.”
Makara co-founder and CEO Jesse Proudman added, “We are thrilled to be joining Betterment. We developed Makara to bring an easy and accessible long-term investing approach to cryptocurrencies. Combining our crypto expertise with Betterment’s scale will accelerate the growth of the platform with both retail investors and financial advisors.”
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