Betterment Enters the Cryptocurrency Market by Acquiring Makara
Betterment, the largest independent digital investment advisor in the US, announced today that it has entered into an agreement to acquire Makara, an innovative manager of cryptocurrency portfolios. The acquisition will provide consumers and financial advisors the ability to invest in expert-built, diversified crypto portfolios alongside their existing investments, through an easy-to-use customer experience they have come to expect from Betterment.
Betterment allows consumers to invest in cost-efficient, expert-built, equity portfolios, reducing the complexity and risks inherent in individual stock trading. Similarly, Makara offers simple, expert-managed crypto portfolios and education to investors ranging from the crypto curious to crypto sophisticates. The addition of Makara's offerings to Betterment's platform will strengthen and further differentiate Betterment's product suite.
Makara's team of crypto experts and engineering talent will join Betterment upon the closing of the transaction, which is expected later this quarter subject to customary closing conditions.
Following a year of triple digit growth in net deposits and a successful Series F fundraise, this acquisition represents another milestone in Betterment's expansion and market leadership.
PJT Partners served as financial advisor to Betterment on the transaction.
To learn more, visit www.betterment.com/crypto.
SOURCE Betterment
"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," said 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."
Betterment allows consumers to invest in cost-efficient, expert-built, equity portfolios, reducing the complexity and risks inherent in individual stock trading. Similarly, Makara offers simple, expert-managed crypto portfolios and education to investors ranging from the crypto curious to crypto sophisticates. The addition of Makara's offerings to Betterment's platform will strengthen and further differentiate Betterment's product suite.
Makara's team of crypto experts and engineering talent will join Betterment upon the closing of the transaction, which is expected later this quarter subject to customary closing conditions.
"We are thrilled to be joining Betterment," said Jesse Proudman, Makara's Co-Founder and CEO. "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."
Following a year of triple digit growth in net deposits and a successful Series F fundraise, this acquisition represents another milestone in Betterment's expansion and market leadership.
PJT Partners served as financial advisor to Betterment on the transaction.
To learn more, visit www.betterment.com/crypto.
SOURCE Betterment
