On September 8, mobile software company Stack launched the cryptocurrency trading app with the aim of providing young cryptocurrency fans with better educational alternatives to what they would get from crypto influencers on trading platforms. social media like Reddit and TikTok. Stack has launched what CEO Will Rush says is “the first cryptocurrency education and trading app for teens and their parents.”
Naturally, the app has parental restrictions, and Stack accounts are governed by the Uniform Minor Transfer Act, which allows parents and legal guardians to retain ownership of the account and assets until their teen reaches the age of 18. Will Rush, CEO of Stack, noted in a statement that while Gen Z has a keen interest in learning more about cryptocurrencies, they typically access this information online through social media apps or blog posts. superficial blog. The subscription app costs $3 per month per user and is available for Android. Rush said:
“All of our research on Gen Z shows that they are self-taught, but they also follow trends that evolve in minutes rather than days, months or years. This means that often TikTok or Reddit are your financial advisors.
In 2021, Rush, CTO Natalie Young and CCO Angela Mascarenas formed the company together. Mascarenas helped digitize the Girl Scouts cookie ordering system, while Young worked as a developer for T-Mobile. The founding team also worked on the teen fundraising app Copper and titles for Rush.
At Copper, Rush oversaw initiatives to educate children about investing, but found changing the word “stocks” to “crypto” sparked interest. He also read Reddit posts from young people trying to access cryptocurrencies who used their parents’ information to open accounts on exchanges like Coinbase or Robinhood only to have those accounts quickly shut down for being underage.
“By making these few decisions, we believe we can deliver a better educational product,” Rush added.
The new capital injection will allow the company to continue to develop its high school financial literacy app and program. Rush also wants Stack to get more financial licenses and expand its offerings. The company currently has eight employees and plans to hire two more this year.
After a $2.7 million investment from Madrona, The Venture Collective, Santa Clara Ventures, as well as several angel and other investors, the app launched with over 6,000 clients on the waiting list. The latest investment brings Stack’s total funding to date to just over $1 million. The company will then undertake what Rush calls “a more thoughtful overhaul of its educational content,” which includes developing engaging financial content comparable to what’s popular on TikTok and YouTube.
“We need a big push to make it relevant for teens and we are looking at educational topics like NFTs, metaverse and web3. Our goal is to be the trusted account to democratize investing for young people,” Rush said.
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