For the price of a cup of coffee, you can teach your teen how to invest in cryptocurrencies.
Stack released a trading app for teens and their parents.
The app costs $3 per month and can be downloaded for free on the internet. Rush said it was designed with Gen Z in mind, a generation that will likely own some kind of digital asset.
He co-founded the company with two other people. The founding team has an eclectic background that includes teen fintech app Copper and securities for Rush, as well as Mascarenas and Young, who were T-Mobile engineers.
Rush found that replacing the word "stock" with "crypto" was driving more engagement while he was at Copper. Teens trying to get intocryptocurrencies using their parents' information to create an account on exchanges like Coinbase or Robinhood are being frozen because they are not being of age to have an account.
Rush said that the thesis was clear that no one was trying to be the first to do something. What do we do to create a safe and educational environment?
Rush believes Stack stands out from the crowd by offering features like access to the tax and control advantages of a Uniform Transfers to Minors Act and a trading environment designed specifically for teens. Assets are transferred into a teen user's name when they reach 18. Users can get the app for free by earning rewards.
Rush said that it is limiting assets to protect users. There will be seven cryptocurrencies in the beginning. Stack doesn't allow off- platform transfers, which Rush believes will cut down on up to 98% of the coin fraud that plagues exchanges.
We can offer a better educational product if we make a few decisions.
Madrona, The Venture Collective, Santa Clara Venture and a group of angel and individual investors invested in the app. Stack has over $3 million in funding to date.
The capital injection will allow the company to build out its app and financial literacy program. Rush wants Stack to get more financial licenses. He expects to add two more people to the company this year.
Rush says that the company will perform a more thoughtful remake of its educational content that will include creating compelling financial content similar to what is popular on TikTok andYouTube.
He said that they needed a big lift to make it relevant to teenagers. We want to democratize investing for young people.
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The name of the company was changed to Stack.io.
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