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 such as Reddit and TikTok. Stack has launched what CEO Will Rush says is “the first cryptocurrency education and trading app for teens and their parents.”
Of course, the app has parental restrictions, and Stack accounts are subject to 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. Stack CEO Will Rush noted in a statement that while Gen Z has a keen interest in learning about cryptocurrencies, they usually access this information online through social media apps or blog posts. 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 TikTok or Reddit are often your financial advisors.
In 2021, Rush, CTO Natalie Young and CCO Angela Mascarenas co-founded the company. 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 Copper teen fundraising app and titles for Rush.
At Copper, Rush oversaw initiatives to educate kids about investing, but found changing the word “stocks” to “crypto” sparked interest. He also read Reddit posts of young people trying to access cryptocurrencies using their parents’ information to open accounts on exchanges like Coinbase or Robinhood, only to have those accounts closed quickly because they were 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 developing 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 angels and other investors, the app was launched with more than 6,000 customers on the waiting list. The latest investment brings Stack’s total funding to just over $1 million to date. The company will then undertake what Rush calls “a more thoughtful overhaul of its educational content,” including developing compelling financial content similar to what’s popular on TikTok and YouTube.
“We need a big push to make it relevant to teens and we’re looking at educational topics like NFTs, metaverse and web3. Our goal is to be the trusted account to democratize investing for young people,” said Rush.
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