InvestFeed (New York), the social investment network incubated in Hanover, has changed its focus from equities to cryptocurrencies. The startup rolled out the first version of its new social investment platform today.
The company made the controversial pivot from equities to cryptocurrencies due to repeated requests from its users, and to the explosive growth of the $100 billion cryptocurrency industry, according to cofounder and CEO Ron Chernesky. “We’ve been an equities social investment platform since 2014, and over the last few months we’ve had a huge demand from our user base on the platform asking us to integrate cryptocurrencies into our platform.”
Millennials really believe in the future of cryptocurrencies, said Chernesky; and banks and other financial institutions have begun to adopt these currencies now. “We really see that this is the future going forward.”
The company is also in the middle of a token generation event. The beta version of the new platform, initially scheduled for release within 90 days of its August 7th TGE close, was fast-tracked to give participants and potential users a taste of the unique cryptocurrency-based marketplace and a first-look at live tickers and weighted average price charts, the company said in a release.
The TGE, which will end Aug. 7, was designed to help fund the development of the new platform, as well as provide users a utility token for accessing popular investment ideas; peer-to-peer price predictions; investor insights; and “boosting,” or promoting individual content.
“We’re using tokens within our platform, where users have the ability to subscribe to other users, the ability to purchase content, upgrade their account, get an ad-free experience.” It’s more of a gaming-type format where you purchase tokens on a platform, Chernesky explained. “Users are buying tokens now to get ready to utilize them on the platform,” he said.
The company has formed a data partnership with Brave New Coin (Auckland, New Zealand). Using that data, investFeed’s new platform now showcases a list of 235 high-performing, highly liquid cryptocurrencies and their associated price tickers, channels, pairings and weighted averages in U.S. dollars. Users can now message each other, post comments and share cryptocurrency market insights; and soon they’ll be able to buy, access and sell functionality directly within the platform.
“Just like we linked every top online stock trading brokerage to our original platform, we will begin to form relationships with digital asset exchanges so that users can link their accounts on investFeed and make informed decisions, using the most accurate market data possible. The end- goal is to become the one-stop shop for everything cryptocurrency, and unite a growing community in one of the most nascent industries of our generation,” Chernesky said.
Steven Nerayoff, a former top adviser to Ethereum (Zug, Switzerland) and founding adviser to Lisk (Zug, Switzerland), has joined investFeed’s advisory board. The investFeed token sale is still live until August 7.