With the launch of its Blockchain and Analytics Competency Center, Australian startup Bamboo is attempting to make crypto investing more accessible and friendly. The company was founded by four developers who took a playful swipe at the popular micro-investing app Acorns. The name is meant to be a reference to the idea that a bamboo will grow faster than an acorn. Previously, Cassidy worked in various blockchain roles, including as an early investor. Eventually, he became part of a purchasing group that invested undisclosed sums to gain access to the company. He said that he had seen a need in the market.
Bamboo
The micro-investment app Bamboo Aims to Make Crypto Invest-ing More Inviting aims to eliminate the barriers that keep many from making investments in crypto. Bamboo’s app allows people to invest in cryptocurrencies through their Self Managed Super Fund and capitalize on the high returns of crypto. With automated portfolio management, the app also enables users to invest larger amounts of money. Bamboo will soon introduce a rewards program that will help investors compound returns and earn rewards on digital assets. The app, which has been available only in Australia for the past four years, will also soon be available in the United States. Currently, Bamboo is one of eight finalists in the Web 3 Pitch Fest, hosted by Extreme Tech Challenge.
The company is backed by $3.5 million in seed funding and has already expanded its team to 25 people. It recently registered as a holding company in Australia and is looking to close its next capital round this year, through strategic and venture firms. As of writing, Bamboo’s website and mobile app have been downloaded more than 200,000 times. Founder Bryce Cassidy said the company was born out of a need in the market. The app is designed to be both user-friendly and informative.
Rizome
Startups such as Rizome and Bamboo have sought to make crypto investing more accessible by making it easier to find a good crypto exchange. While traditional crypto exchanges were supported by institutional investors and large angel investors, Rhizome has turned to crowdfund to attract new users. Bamboo has raised $3.5 million in seed funding and has expanded its staff to 25 people across Asia, Europe, Australia, and the U.S. The startup also hopes to help the environment by developing bamboo construction. The company is aiming to eliminate ten gigatons of carbon from the environment by 2050.
Bamboo is a grass grown mainly in subtropical climates, mostly in Asia and South America. It has many benefits over timber, and the company plans to harvest bamboo poles for construction by 2026. Rizome hopes to persuade construction giants to invest in the project, which could generate revenues for them. The demand for wood products is projected to grow to $400 billion by 2027. Green building materials are becoming more commonplace due to regulations, governmental policies, and increased public awareness.
Bamboo’s Self Managed Super Fund
To make crypto investing more accessible to everyday people, Bamboo has launched a new Self Managed Super Fund. This SMSF enables Australians to invest in cryptocurrencies through their Superannuation account. Bamboo’s product is simple to set up and offers built-in compliance, making the entire process painless. Anyone with a bank account and a mobile phone can invest.
As cryptocurrency gains in popularity, more investors are looking to invest in it. Crypto Self Managed Super Funds are a great way to invest in digital assets. The fund is administered by a trustee and records all transactions on a blockchain. Crypto SMSFs are transparent, allowing investors to see and understand exactly where their money is invested. Adding crypto to your SMSF is an excellent way to diversify your portfolio and enjoy long-term capital growth.
Bamboo’s Blockchain and Analytics Competency Center
The company’s Blockchain and Analytics Competency Center is a step in the right direction. Bamboo aims to create a holistic ecosystem powered by Blockchain and Artificial Intelligence, bridging the health protection gap and bringing insurance to all. With the help of algorithms, the company plans to provide data visualisation and analytic services to its users. Bamboo will also provide access to a comprehensive library of crypto data.
Despite the underlying technology, the app’s interface is designed to appeal to the masses. Its micro-investing model allows risk-averse investors to invest small amounts of money into cryptocurrencies. It rounds up retail transactions to even dollar amounts, so that even beginners can invest. Bamboo earns through a fee of 0.8% above $300 and a sliding scale of 2.5% below. Its closed-loop system also requires users to sell their crypto into a linked bank account.