BAMBOO BELIEVES ITS USER-FRIENDLY WAY WILL MAKE CRYPTO INVESTMENT EASY AND LESS SCARY
In a few weeks, the company, which has focused on the Australian market throughout its four-year history and has approximately 70,000 downloads, will make the Bamboo app available in the U.S.
Bamboo is one of eight finalists at the Web 3 Pitch Fest, a hackathon hosted by Extreme Tech Challenge at CoinDesk's Consensus Festival this week.
Bamboo chief executive Blake Cassidy said America's largest crypto market was the next logical step. The current bearish trend could also provide an opportunity to convert risk-free investors by allowing them to accumulate digital assets securely at low prices. He said the app has already done tens of thousands of U.S. questions, which is a reflection of its simple interface and clear objectives.
"You do not come to the app and interact with charts and order books and sophisticated tools like profitable trading," Cassidy told CoinDesk. “It is a crypto with bumps. We are preparing people for success. ”
The app works by assuming that crypto investing scares many people, who are intimidated by the volatility and potential losses. Bamboo allows users to make small cryptocurrency investments by combining store sales and even dollar prices in addition to what they have already paid. It is similar to the model that other charities have used in collaboration with retailers.
For example, you can invest a quarter in crypto by rounding up the $ 2.75 you pay for a cup of coffee to $ 3. Bamboo also offers the option to invest heavily, up to $ 20,000 a day, or in weekly installments, although Cassidy noted that the company is not an exchange but is "focused on being a savings program."
"There are a lot of people who are interested in the industry but can't afford the risks," he said. "So giving people an easy-to-use product to invest in their transformation is a great way for them to learn before investing continuously."
Bamboo gains money from 0.8% of purchases over $ 300 to 2.5% on a slippery scale below that limit. The less work is done, the greater the pay. The closed system ensures that users cannot remove their crypto from the platform but instead have to sell it to a connected bank account.
The company became the brainchild of four Australian-based engineers who founded Bamboo in 2018. (The name is a playful swipe in the Acorns small investment app - in that case "bamboo grows faster than acorns," said Cassidy.) undisclosed amount. "We just thought there was a need for a market," he said.
Since then, Bamboo has raised $ 3.5 million in seed support and expanded its workforce to 25 people, spread across Asia, Europe, Australia and the U.S. and financial performance roles. Cassidy hopes to close the next round of capital this year through firms and smart investors who recognize the value of products that create positive user experience.
"We help users to invest in a sustainable way over time to help achieve their medium and long-term goals," he said. "We are a very savings app designed for people."