The app Stack is designed to teach under-18s how to trade and hodl crypto, thus providing a path for new investors who are curious about the underlying technology of cryptocurrencies.
With the aim of offering young crypto enthusiasts better educational alternatives, mobile software firm Stack launched a new app last Thursday that allows users to learn about cryptocurrencies interactively.
With parental controls, you can keep an eye on your teenager's digital footprint. The Uniform Transfers to Minors accounts are regulated under the Uniform Transfers to allow parents or legal guardians to maintain ownership until they turn 18.
Stack CEO Will Rush stated in a Thursday announcement that there is a large market from Gen Z to learn about cryptocurrency, but the educational material they consume online is typically through social media or blog posts that are arguably lacking in substance.
According to the CEO, Stack is attempting to fill a market gap by "creating content that will specifically resonate with teens:"
"All of our research on Generation Z shows that they are self-learners, but they also follow trends that evolve in minutes rather than days, months, or years. This means that TikTok or Reddit is often their financial advisor."
TechCrunch, a fintech news website, expanded on Rush's comments, stating that "we need a big lift to make it more relevant to youths and are having a look at educational topics like NFTs, Metaverse, and web3."
"We want to be the trusted account when it comes to democratizing investing for young people," he says.
The stack provides buying, selling, and holding services for seven digital assets, which include Bitcoin (BTC), Ether (ETH), Cardano (ADA), Solana (SOL), USD Coin (USDC), Litecoin (LTC), and Polygon (MATIC). The crypto exchange app charges a $3.00 monthly subscription fee instead of charging trading fees to traders who use their service.
The crypto app is designed with security measures in mind so that you can feel confident about your investments. It also won't allow off-platform transfers at this stage, with Rush stating that it enables them to eliminate up 98% of all scams and fraud in the sector.
The innovative app is designed to help teens avoid wild day-trading speculation and encourage them towards long-term hodling. Teens can sign up on Android or Apple devices, with users 13 years old+. The company has suggested this will make the user base more invested in their funds than before by rewarding those who stay consistent throughout all seasons of growth.
Along with the app launch, the company announced that it had received $2.7 million in funding from the Madrona Venture Group.
In a blog post published on Thursday, the venture capital firm stated that the company is entering a burgeoning but underserved market:
"Generation Z is regarded as an entrepreneurial generation. As a result, many of them are interested in cryptography. Coinbase and FTX have provided consumer access to cryptocurrency through crypto trading and teaching method. They are, however, inaccessible to minors, the next generation of consumers."
"The team has a number of high-school-based investment clubs across the country that are interested in participating in the initial rollout." We are impressed by Stack's 5,000-person wait list for the iOS or Android app," Madrona added.
In a survey from online educational platform Study.com in late August, it was found that more than two-thirds of crypto-versed parents and college graduates believe educating students about cryptocurrency will help them understand the future economy.
67% of people polled said crypto education should be mandatory. The results are surprising because so few schools offer this type of class, but it seems like the demand for these classes is high among students who want to learn more about cryptocurrencies and blockchain technology.
What if you could learn about the future of our economy and get a head start on this ever-changing world? Let us know your thoughts by sharing this article on your social media.
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