Robo–advisor Betterment says it is buying Makara, an RIA that sells automated cryptocurrency portfolios. The deal, which was struck for an undisclosed sum, means Betterment can help both financial advisors and investors buy crypto assets for their portfolios.
"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," according to Betterment CEO Sarah Levy.
Betterment, which refers to itself as "the largest independent digital investment advisor" in the U.S., has roughly $33 billion in assets under management and close to 700,000 clients.
"Makara is unique in offering consumers managed crypto portfolios combined with the guidance and ease-of-use that have defined Betterment," Levy explained in a statement. "Makara is to crypto today what we are to traditional investing, since pioneering robo-investing a decade ago."
