More and more financial institutions explore opportunities in the crypto space. Betterment, the digital investment advisor, is the latest firm to do so. Its acquisition of Makara marks a crucial milestone for the company.
Betterment Makes A Strategic Move
It is intriguing to see a robo-advisor service explore opportunities in the cryptocurrency space. Betterment, a recent fintech unicorn, provides Americans with automated investing and retirement solutions. Additionally, users benefit from everyday services for spending and saving, giving the company a strong market position.
In a surprising turn of events, Betterment has decided to acquire Makara. The acquired firm provides consumers with a managed crypto portfolio and guidance on navigating the broader cryptocurrency industry. Those values appear to align with how Betterment aims to approach financial products and services in the coming years.
Betterment CEO Sarah Levy comments:
“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. Makara is unique in offering consumers managed crypto portfolios combined with the guidance and ease-of-use that have defined Betterment.”
Moreover, Makara’s crypto experts and engineering talent team will switch over to Betterment. It is unclear whether they will be tasked to work on new products and services, although that seems like a plausible outcome. Integrating crypto services into the Robo-advisor service can have some interesting consequences. Moreover, the acquisition serves as a validation of how cryptocurrency is not a fad and will continue to make a mainstream impact.