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Robo-Advisor Betterment Moves Into Crypto Via Makara Acquisition
Betterment customers will now be able to invest in pre-built crypto portfolios alongside their existing traditional investments.
Updated May 11, 2023, 5:56 p.m. Published Feb 8, 2022, 4:01 p.m.
Digital wealth management platform Betterment has agreed to purchase automated cryptocurrency portfolio provider Makara for an undisclosed price.
- "Makara is to crypto today what we are to traditional investing, since pioneering robo-investing a decade ago," says Betterment CEO Sarah Levy. As Betterment allows customers easy investment in low-cost, professionally constructed equity portfolios, Makara offers the same for cryptocurrency.
- Makara is among the first crypto robo-advisors to be registered with the U.S. Securities and Exchange Commission (SEC). Customers are able to choose from a set of "baskets" of assets based on their risk appetite. The company launched services last June with a waiting list of 20,000 customers.
- Betterment is one of the largest robo-advisors in the world, managing $26.8 billion in assets for 615,000 individual clients.
- Terms for the deal were not disclosed.
Read more: Why the Advisor Crypto Technology Gap Is Closing
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