Stack launches crypto trading app that targets teens and parents

Stack wants to offer catchy cryptocurrency instruction videos as a more effective substitute for TikTok “fin-fluencers.”
Stack launches crypto trading app that targets teens and parents
Stack launches crypto trading app that targets teens and parents

After the release of the education and trading software Stack, which is designed to teach people under the age of 18 how to trade and hold cryptocurrency, crypto-curious teenagers may be able to try their hand at actual crypto trading.

Aiming to provide young crypto fans with better educational alternatives to what they would learn from crypto influencers on social media platforms like Reddit and TikTok, mobile software company Stack unveiled the cryptocurrency trading app on Thursday.

Parents and legal guardians are permitted to retain ownership of the account and assets until their adolescent becomes 18 thanks to the app’s parental restrictions and Stack’s compliance with the Uniform Transfers to Minors Act.

In a statement on Thursday, Stack CEO Will Rush said that there is a huge demand from Gen Z to learn about cryptocurrencies, but that they typically access instructional content online through social media or blog postings that may be considered superficial.

According to the CEO, Stack is attempting to close a market gap by “creating content that precisely resonates with teens:

“All of our research about Gen Z demonstrates that they are self-learners but also that they follow trends that evolve in minutes instead of days, months or years. This means that too often, TikTok or Reddit is their financial advisor.”

TechCrunch, a financial news outlet, elaborated on such remarks by quoting Rush, who said that “we need a major lift to make it relevant to teenagers and are looking at educational themes like NFTs, Metaverse, and web3.

“We aim to be the trusted account for democratizing investing for young people,” he said.

Stack provides buying, trading, and holding services for seven digital assets, including Bitcoin (BTC), Ether (ETH), Cardano (ADA), Solana (SOL), USD Coin (USDC), Litecoin (LTC), and Polygon, in addition to instructional cryptocurrency content (MATIC).

The cryptocurrency exchange software employs a $3 monthly subscription charge in place of trading costs.

At current time, the cryptocurrency app will also not support off-platform transactions, according to Rush, who claims that by doing so, the company is able to “remove up to 98% of all crypto fraud and scams” that take place in the industry.

The business asserts that this will inspire young people to become long-term investors rather than focusing on irrational day-trading speculation. Users must be at least 13 years old to register for the software, which is available on Apple and Android smartphones.

The business also disclosed that it has received $2.7 million in funding from the Madrona Venture Group in conjunction with the launch of the app.

The venture capital firm noted in a blog post on Thursday that the business is serving an expanding yet untapped market:

“Gen Z is considered an entrepreneurial generation. As a result, many of them are crypto-curious. Coinbase and FTX have served as consumer entry points to crypto through crypto trading and educational content. However, they are inaccessible to the minors — the next generation of consumers.”

“The team has numerous high-school-based investment clubs around the country interested in getting into the initial rollout. We find Stack’s 5,000-person wait list for the iOS or Android app impressive,” Madrona added.

More than two-thirds of parents and college graduates in the United States who are knowledgeable about cryptocurrency believe that it should be taught in schools so that students can “learn about the future of our economy,” according to a study conducted by the online educational platform in late August.

In a study of 1094 persons, 67% of participants said that students should be required to take cryptography classes.