A new Australian startup that is based in Perth is giving the opportunity to people to invest in crypto without going out of their way. The startup utilizes spare change that is received from their electronic transactions in order to carry out micro-investments in crypto portfolios.
Named Bamboo, the startup is confident that it will improve access to investment opportunities and push the new technologies towards users who don’t have a general understanding of them – gaining momentum in the finance world.
Bamboo will basically take the spare change from the users’ electronic transactions and invest in Bitcoin, Ethereum as well as other cryptocurrency portfolios in a strategy that closely resembles the one of the Raiz Investment App (formerly known as Acorns).
The launch is initially scheduled for Australia with the US following later this year. However, the team behind Bamboo has big plans that expand beyond the Western markets and are set on the market potential contained in the developing countries.
As the CEO of Bamboo Phil George state, the company also plans to extend the micro-investment services into commodities and real estate, seeing a lot of value in the young, tech-savvy and liquid population in the developing countries.
In an interview with SMH.com.au, George also said:
“Raiz democratises what hedge funds and wealth management companies used to only make accessible to high net worth clients. Robin Hood is an application that makes it easier to trade shares in a way that’s as powerful as platforms that you needed $100,000 just to trade on. Now you can do it with just $5. The micro-investment app is really the first and most obvious thing we do to make these opportunities accessible to everyone.”
Bamboo will launch later this year and according to their stats, more than 4,100 prospective users have already indicated their interest in using the app.
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