West Australian fintech WeMoney has expanded its offering to allow members to track their cryptocurrency holdings in the app.
The financial wellness platform surveyed its members and found that 91% held some form of cryptocurrency. The survey also showed that only a small portion use cold storage (10.5%) for their digital tokens while the majority of 69% rely on an exchange for storage.
The Coinspot integration will be WeMoney’s first foray into tracking cryptography assets inside their ecosystem.
Members will be able to see their digital tokens alongside other financial accounts including savings accounts, investing accounts, superannuation and various credit products.
“At first we underestimated the demand for crypto in-app,” founder and CEO Dan Jovevski told Startup News. “It has become clear that Gen Z and millennials are transitioning to a web3.0 world. This first integration with Coinspot will be one of many exchanges to come online in the next few months as we empower more of our members to get a better understanding of their finances and their money.”
Now more than ever, young millennials are adopting crypto at phenomenal rates. The popularity and adoption of Crypto are surging and fast outpacing traditional finance – it’s breathtaking.
Dan Jovevski
Since its public launch in October 2020, the app has amassed over 160,000 downloads. Its member base is primarily Gen Z and Millenials with 40% of members aged between 18 – 24 (median age 29).
WeMoney has also submitted an application to Treasury to become a recipient under the Consumer Data Right or “Open Banking” model with the view of becoming accredited either later this year or early 2022.
WeMoney is supportive of a safe and diverse financial ecosystem and supports a legislative framework that allows all participants to operate in a safe, open and level.
The company has also launched a fundraising round off the back of its fast growth and hopes to close the round by early 2022.
Earlier this year, Dan Jovevski featured in episode 62 of our Startup West podcast, which you can listen to here.
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