Stack launches crypto trading app aimed at teens and parents
Crypto-curious teens may be able to try their hand at real crypto trading after the launch of education and trading app Stack – aimed at teaching under-18s how to trade and hodl crypto.
The crypto trading app was launched by mobile software company Stack on Thursday, aiming to provide young crypto enthusiasts with better educational alternatives to what they can find from crypto influencers on trading platforms. social media such as Reddit and TikTok.
The app will of course come with parental controls, and accounts on Stack are governed by the Uniform Minor Transfers Act, allowing parents and legal guardians to retain ownership of the account and assets until their teenager turns 18.
In an announcement Thursday, Stack CEO Will Rush pointed out that there is a strong demand from Gen Z to learn more about crypto, but the educational content they consume online is usually via social media. or blog posts that arguably lack substance.
The CEO says Stack is trying to fill a gap in the market by “creating content that specifically resonates with teens”:
“All of our research on Gen Z shows that they are self-made but also follow trends that evolve in minutes instead of days, months or years. This means that too often TikTok or Reddit is their financial advisor.
Fintech news website TechCrunch, along with Rush, expanded on these comments indicating that “we need a big push to make it relevant for teens and are looking at educational topics like NFT, Metaverse and web3.”
“We aim to be the trusted account to democratize investing for young people,” he said.
Along with educational crypto content, Stack offers buy, sell, and hold services for seven digital assets, including Bitcoin (BTC), Ether (ETH), Cardano (ADA), Solana (SOL), USD Coin (USDC) , Litecoin (LTC) and Polygon (MATIC).
Instead of charging trading fees, the crypto exchange app uses a subscription fee of $3.00 per month.
The crypto app also won’t allow off-platform transfers at this point, with Rush saying this allows the company to “eliminate up to 98% of all crypto fraud and scams” that occur in the area.
The company also suggested that it encourage teens to become long-term hodlers rather than focusing on the wild speculation of day-trading. The app is available on Android and Apple devices, with users 13 and older eligible to sign up.
Along with the app’s launch, the company also revealed that it had raised $2.7 million in funding from the Madrona Venture Group.
The venture capital firm pointed out in a blog post on Thursday that the company taps into a growing but underserved market:
“Generation Z is considered an entrepreneurial generation. As a result, many of them are crypto-curious. Coinbase and FTX served as consumer entry points to crypto through crypto trading and educational content. However, they are inaccessible to minors – the next generation of consumers.
“The team has many high school investment clubs across the country interested in embarking on the initial rollout. We find Stack’s 5,000-person waiting list for the iOS or Android app impressive,” Madrona added.
Related: From games to piggy banks: educating the Bitcoin “miners” of the future
A survey by online educational platform Study.com in late August found that more than two-thirds of parents versed in crypto and college graduates in the United States believe that cryptography should be taught in schools so students can “learn about the future of our economy.”
The survey polled 1,094 people, with 67% of respondents saying teaching crypto should be compulsory in school.