Largest Independent Digital Investment Advisor Plans to Offer Clients Managed Crypto Portfolios on an All-in-One Platform
NEW YORK, February 8, 2022 /PRNewswire/ — Betterment, the largest independent digital investment adviser in the United States, today announced that it has reached an agreement to acquire Makara, an innovative manager of cryptocurrency portfolios. The acquisition will provide consumers and financial advisors with the ability to invest in diversified, expertly designed crypto portfolios alongside their existing investments, through the easy-to-use customer experience they have come to expect from Betterment.
“Crypto is here to stay and Betterment wants to deliver on its promise of long-term diversification and provide our clients with the best variety of assets on the market,” said Sarah Levy, CEO of Improvement. “Makara is unique in offering consumers managed crypto portfolios combined with the advice and ease of use that defined Betterment. Makara is to crypto today what we are to traditional investing, since that we pioneered robotic investing ten years ago.”
Betterment enables consumers to invest in cost-effective, expertly designed stock portfolios, reducing the complexity and risk inherent in trading individual stocks. Similarly, Makara offers simple, expert-managed crypto wallets and investor education ranging from crypto curious to crypto sophisticated. Adding Makara’s offerings to Betterment’s platform will further strengthen and differentiate Betterment’s product suite.
Makara’s team of crypto experts and engineering talent will join Betterment upon closing of the transaction, which is expected later this quarter, subject to customary closing conditions.
“We are thrilled to join Betterment,” said Jesse Proudman, co-founder and CEO of Makara. “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 platform’s growth with retail investors and financial advisors. .”
Following a year of triple-digit net deposit growth and a successful Series F fundraising, this acquisition represents a further step 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.
Betterment LLC (“Betterment”) is the largest independent digital investment advisor, offering investment and retirement solutions in addition to their day-to-day spending and saving services. Since 2010, Betterment has had a mission: to improve people’s lives through personalized and easy-to-use investment solutions. Using state-of-the-art technology, they empower hundreds of thousands of customers to manage their money – for today, tomorrow and one day – with expert advice; automated fund management tools; and smart tax strategies designed to keep taxes low. Learn more betterment.com.
Makara is one of the first SEC-registered investment advisers to offer automated cryptocurrency portfolios. Built with security at the forefront, investors can have confidence in Makara’s straightforward investing experience through curated crypto portfolios as well as educational resources. Makara offers passive exposure to dozens of approved cryptocurrencies through its themed baskets, which are tailored to suit different investment goals and interests. Built on powerful investment technology, Makara is accessible and available whenever the crypto markets are. For more information, visit makara.com.
Betterment LLC’s parent company, Betterment Holdings, Inc., has entered into an agreement to acquire Argonaut Asset Management Inc. (d/b/a “Makara”). The above material and content should not be taken as a recommendation. Investing in digital assets is highly speculative and volatile, and cryptocurrency is only suitable for investors who are prepared to bear the risk of loss and suffer steep declines. Purchases or holdings of cryptocurrency are not FDIC or SIPC insured.
Investing in securities involves risk, and there is always the possibility of losing money when investing in securities. Investment advisory services are provided by Betterment LLC, an SEC-registered investment adviser. Brokerage services are provided to clients of Betterment LLC by Betterment Securities, an SEC-registered broker-dealer and member of FINRA/SIPC.
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