So, first, let's start off by saying that this app is not available in Canada yet, but coming soon.
Okay, there has been a lot said about cryptocurrency lately. A lot. It seems everybody's getting into it... John Olliver even did a whole segment on his show on (his take) the silliness of it all.
I've not had an economist give me a straight, coherent answer on the future of it as a viable currency platform ... but it's not going away either.
If you're interested in investing in a given cryptocurrency how do you actually do it?
Well, Cred is a new app that essentially is the trading platform for several different kinds. Check below for the press release.
Essentially, the service will cost you $5 a month, and then 2% of your transaction as a fee. I'll let you work out if that's any better than other services out there.
Okay, there has been a lot said about cryptocurrency lately. A lot. It seems everybody's getting into it... John Olliver even did a whole segment on his show on (his take) the silliness of it all.
I've not had an economist give me a straight, coherent answer on the future of it as a viable currency platform ... but it's not going away either.
If you're interested in investing in a given cryptocurrency how do you actually do it?
Well, Cred is a new app that essentially is the trading platform for several different kinds. Check below for the press release.
Essentially, the service will cost you $5 a month, and then 2% of your transaction as a fee. I'll let you work out if that's any better than other services out there.
CRED LAUNCHES SECURE AND EASY-TO-USE CRYPTOCURRENCY MICRO-INVESTING APP FOR EVERYDAY USERS
All-in-one platform lowers the barrier to entry for cryptocurrency buying, selling and investing; partners include Komodo, Wax, Neblio and ZenCash
Santa Monica, CA, July 31, 2018 – Cred, the micro-investing platform for cryptocurrency, today announced the initial rollout of its mobile app for iOS and Android. Cred is solving the main issues that mass consumers face with cryptocurrency: ease-of-access, transparency and understanding. Consumers often feel intimidated when looking to invest in cryptocurrency – Cred strongly believes this is due to the lack of education in the crypto industry, confusing product offerings, as well as a lack of trust in the industry. Cred is uniquely positioned to address this issue head-on by offering an easy-to-use platform that allows users to clearly invest in cryptocurrency, track their progress, learn about each coin prior to investing and receive daily market recaps and news updates. For its initial rollout, Cred is launching in California, Missouri, Massachusetts and Montana with more states being introduced in the coming months. Cred is available for download via the Apple app store and Google Play store.
About 69 percent of Americans expect the price of Bitcoin to rise in the next 5 years but only 5 percent own Bitcoin, according to a Global Blockchain Business Council survey of 5,000 respondents. The high prices of cryptocurrencies, complicated platforms and lack of education can make the space intimidating for first-time investors.
How Does Cred Work?
After signing up and following familiar KYC protocol¹, Cred presents investors with a variety of cryptocurrency investment options such as Bitcoin, Ethereum, XRP, Litecoin, Komodo and ZenCash as well as tokens including Worldwide Asset eXchange's WAX and Neblio's NEBL. In the app, each coin offering includes a graph that can be expanded to show the coin’s price from the last 24 hours, month and all time. Users can then press a ‘Learn’ button, which describes what each token’s purpose, as well as its history and relevance in the industry. Investors can then select the type of currency they are interested in investing in, with a minimum investment amount of $10 and a maximum of $2,000 per month. Cred’s three easy ways to invest include:
- Round up everyday purchases: Investors can round up the amount they spend on everyday purchases to the nearest $1, $2 or $5 and invest the extra money in cryptocurrency. For example, if an investor who rounds up to the nearest $1 spends $3.55 on an iced coffee, the Cred platform will automatically add the $.45 to a queue. Once the queue reaches the minimum investment amount of $10, Cred will automatically invest the money into cryptocurrency.
- Setup recurring investments: Investors can set up weekly or monthly recurring investments into cryptocurrency. Transactions are capped at $2,000 per month to start, adding peace of mind for first-time investors averse to spending large sums at this stage.
- One time investment: Investors can simply make a one time transaction.
“I’m thrilled to finally offer a non-intimidating space for consumers to get involved in cryptocurrency.” said Brendon McQueen, Founder & CEO of Cred. “There’s an obvious gap in the market: people aren’t investing in cryptocurrency because they think it’s too complicated and complex. Cred creates a tangible space for people to take advantage of cryptocurrency at any level of experience without having to be an expert. Our platform is clear, quick and educational – helping us reach our mission of democratizing cryptocurrency and bringing it to the masses.”
Cred is currently partnering with 13 cryptocurrency platforms and coins, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Stellar, Monero, Dash, Komodo, Wax, Neblio and ZenCash. Cred continues to seek out interesting coins and projects to add to their platform; which takes some time due to the company’s strict coin assessment process.
“We are super excited to be partnering with Cred as they offer a unique micro-savings and micro-investment platform that will help onboard a whole new segment of cryptocurrency users,” said Steve Lee, Chief Marketing Officer at Komodo. “Komodo has long been committed to the global adoption of blockchain technologies and enabling real world usage. Through our partnership, Komodo and Cred will be able to lower the barrier-to-entry into cryptocurrency for the mass market and offer a fiat gateway for KMD in the US.”
"Neblio is very excited to be one of Cred’s initial partners,” shared Yuval Amar, CMO of Neblio. “One of the biggest challenges with crypto-adoption is the perception that it is very complicated to begin investing. Cred is bringing crypto investing to the masses in a smart way by simplifying the process of buying. Being one of the carefully selected cryptocurrencies to be first available for Cred users will help Neblio reach audiences that are not yet engaged in the market."
"We are committed to providing the WAX community with the most dynamic experience possible, and Cred helps us achieve this," said William Quigley, CEO of WAX. "Through Cred’s micro-investing features, WAX Token Holders will gain access to new tools that will increase purchasing power and lead to greater flexibility within the ecosystem.”
"Our partnership with Cred represents another significant step toward our goal of advancing the myriad use cases of cryptocurrency and the benefits it provides to everyday users,” added Rob Viglione, Co-Founder of ZenCash. “This exciting use case of ZenCash as a means of encouraging responsible financial habits brings us closer to a world in which cryptocurrency is used seamlessly as both a means of transaction and as a store of value. We see our collaboration with Cred as major milestone on the way to enabling widespread adoption of cryptocurrency."