Traditional equity portfolio advisor, Betterment acquires automated crypto portfolio advisory firm, Makara, to allow investor access to the fledgling asset class.
US-based digital investment advisory firm, Betterment LLC, announced this past Tuesday, the 8th of February, 2022, that it had entered into an acquisition agreement with crypto investment portfolio advisor, Makara. The deal will allow investors, and financial advisors, access to diversified digital asset portfolios, alongside their existing traditional investments.
“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,” stated Sarah Levy, Betterment’s CEO. “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” further stated Levy.
Betterment LLC – better known as Betterment – is the nation’s largest independent investment advisor. The innovative firm enables consumer investment in cost-efficient, expert-designed, equity portfolios. The acquisition of Makara – an SEC-approved, automated crypto asset portfolio broker – makes the firm poised to attract a new generation of investors.
The cryptocurrency experts and engineers are set to join Betterment’s staff by the close of the current quarter. The fulfillment of the transaction is still subject to legal conditions.
“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,” said Jesse Proudman, CEO, and co-founder of Makara.
Quarterbacked by PJT Partners – who served as financial advisors for Betterment – the deal marks yet another milestone in the company’s expansion and continued market leadership plans. The acquisition follows a year of a triple-digit jump in net deposits, as well as a wildly successful Series F fundraising round.
