Community-powered stock trading network investFeed has dropped U.S. equities in favor of digital currencies. Launched in 2014, the New York-based firm switched to blockchain-based assets due to user demand and the growth of the cryptocurrency industry
“Our strong belief in the future of cryptocurrencies prompted our decision to pivot from equities to decentralized digital assets,” investFeed CEO Ron Chernesky said. “We feel that investFeed’s future should fully embrace the greatest technological breakthrough since the internet. We decided to refocus our offering in order to take advantage of the vast opportunities in crypto, including the exponentially-growing number of people globally interested in trading, finding accurate ticker prices, and seeking out peer ideas”
Mr. Chernesky announced investFeed will conduct a token generation event (TGE) beginning July 23 that will be capped at 28,000 ETH. Most FEED tokens will be issued immediately after the raise with a total of 11 per cent held back for platform creation, a bounty and reward system, and advisors and core team provision.
“Our TGE will provide us with the minimum we need to construct the platform, keep it sustainable, and rapidly grow our community,” Mr. Chernesky said. “In this process we have discovered the public’s immense interest in what we are doing. Our advantage is that investFeed is already an established social network, with 78 per cent of our user base being experienced stock traders. Coincidentally, a large portion of these stock traders reached out to us directly expressing a desire to include cryptocurrencies and other blockchain-based assets and opportunities on our platform.”
“The switch from equities to cryptocurrencies will also target a millennial user base that has shown disinterest in traditional investments,” CTO Andrew Freedman said. “According to Bankrate, only one in three millennials has invested in the stock market. Millennials are more excited by this new technology because they feel empowered by the ability to participate in markets without traditional third-party interference.”