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Betterment enters cryptocurrency market

Cryptocurrencies2One of the last remaining, large-scale independent players in the robo-advisor market has announced a move into the cryptocurrency market.

US-based Betterment has acquired Makara, another US-based firm that provides portfolio management tools for cryptocurrencies such as bitcoin.

“Crypto is here to stay and Betterment wants to live [up to] our promise of long-term diversification and to provide our customers with the best variety of assets in the marketplace,” said Betterment chief executive Sarah Levy.

She also added that “Makara is to crypto today what we are to traditional investing”.

Betterment currently has more than $26 billion in assets under management and around 615,000 individual clients. It also is one of the few robo-advisory players to have resisted consolidation with an established asset manager.

Last month Wealthfront was acquired by UBS while in the UK Nutmeg was bought by JP Morgan to spearhead its drive into the UK’s digital wealth market.

The UK has also seen a number of robo-advisors leave the market including Canadian firm Wealthsimple and Anglo-German operator Scalable Capital.

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