Social investment app Invstr has announced the launch of a new cryptocurrency trading feature for all US users. Invstr has partnered with Vast Bank and will use the Coinbase exchange platform to manage trading. Invstr users in all 50 states can now buy and sell BTC, BCH, ETH and LTC with their in-app accounts. The minimum transaction amount to start with is $ 5.
Team Invstr recently raised $ 20 million in Series A rounds and surpassed the million mark. They compete with apps like Public and Robinhood. Invstr and Public have about a million users, and the Robinhood app has over 13 million.
The retail investment revolution
Explaining the company’s activities, Invstr founder and CEO Kerim Derhalli said that a revolution is taking place in retail investing and the company “has taken the best investment practices from the rich and made them available to everyone.”
Derhalli explained that teaching an investor is like learning something else. Thus, investors need to practice and hone their skills before they jump headlong.
Vast Bank, the first US bank to offer digital asset custody, will serve as Invstr’s digital custodian. This means that all digital funds will be managed in a US regulated bank for maximum security. Coinbase joins in to add liquidity and expertise to one of the largest crypto exchanges in the US market.
Reduce perceived risk
In terms of partnerships with Coinbase and Vast Bank, Derhalli said it would help “reduce the perceived risk of investing in cryptocurrencies and encourage many more people to take the plunge the first time.”
Invstr currently offers three other features to help educate new or curious investors. For example, Fantasy Finance lets you manage a $ 1 million virtual wallet, just like a fantasy football team lets you manage a team of players.
As for Robinhood, the purpose of the app, according to its creators, was to open up financial markets to those who were excluded. In many ways, they have achieved this goal, at least in the short term. In 2020 alone, more than three million users have joined Robinhood.
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