Makara, a cryptocurrency robo-advisory app, has received SEC approval.

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Over 20,000 customers have joined up for Makara, which already manages over $1 million in assets.

Makara, which claims to be the first robo-advisor crypto app to be registered with the SEC, is launching today for U.S. residents and will be available on the App Store from Tuesday.

According to the release, over 20,000 individuals have already signed up to use the app, which manages more than $1 million in assets, with some users already on board for the beta version.

The app, which will be released on Android in the coming weeks, exposes people to cryptocurrencies through a carefully selected set of six baskets depending on their interests and ambitions. Decentralized finance (DeFi) and large-capitalization cryptocurrencies Bitcoin and Ethereum are among the baskets.

The app’s patented technology automatically rebalances customers’ baskets and handles all of the underlying asset purchasing, selling, and storage complications.

The startup has partnered with the Gemini exchange for trading and custody.

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Makara plugs a gap

Makara intends to charge a 1% management fee, as well as an annual fee ranging from $25 to $75, depending on the size of the investor’s portfolio.

This is much greater than the fee charged by traditional robo-advisors, which is normally around 0.25 percent. However, new users’ payments have been eliminated for the first six months.

In the absence of a Bitcoin ETF, Makara’s inventors believe that index-like exposure to cryptocurrencies is the key to an untapped market of individual investors.

“We believe Makara is solving real and existing obstacles for individuals accessing the cryptocurrency market, and seeing the initial interest from our waitlist gives us confidence that our thesis is correct,” said Jesse Proudman, co-founder and CEO of Makara.

Makara is a spin-off from hedge fund Strix Leviathan, backed in part by NFL legend Joe Montana. The fund developed its own crypto trading software, which means that Makara’s retail investors will get exposure to the same sort of strategies used by hedge funds—to a degree, at least.

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