The deal will help Betterment provide consumers and financial advisers the ability to invest in multiple crypto portfolios besides their existing investments. Credit: Kanchanara on Unsplash.

US-based robo-adviser Betterment has acquired cryptocurrency portfolio provider Makara, marking its entry to the cryptocurrency segment.

The deal, whose financial terms were not revealed, is expected to conclude later this quarter. Following the transaction, Makara’s team of crypto experts and engineering talent will join Betterment.

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Makara provides automated cryptocurrency portfolios and education to a group of diverse range of investors. The firm allows investors to gain passive exposure to a number of vetted cryptocurrencies through its thematic baskets that are personalised to meet different investment goals and interests.

The deal will help Betterment provide consumers and financial advisers the ability to invest in multiple crypto portfolios besides their existing investments.

Furthermore, the addition of Makara’s offerings will help the firm expand its product suite and platform.

Betterment CEO Sarah Levy said: “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.”

Makara co-founder and CEO Jesse Proudman added: “Combining our crypto expertise with Betterment’s scale will accelerate the growth of the platform with both retail investors and financial advisors.”

Betterment provides cash management, guided investing, and retirement planning to its customers. The latest deal follows the company’s $160m Series F fundraising round in September last year.

Last March, the firm acquired Canadian rival Wealthsimple’s US investment advisory book of business, adding nearly $190m in assets and 17,000 customers to its business.

In 2017, the firm launched a custom portfolio strategy to help retail investors better control their allocations.