© Reuters Stack Launches App for NFT & Crypto Generation to Start Trading At As Early As 13
Mobile software company Stack has launched “the first crypto education and trading app for teens and their parents.” Using the app, crypto-curious adolescents will be able to learn how to trade and HODL crypto, as well as try their hand at genuine crypto trading.
Stack’s CEO Will Rush is convinced that financial content, NFTs, Metaverse, and Web 3.0 can be as compelling to teens as Tik Tok.
Teaching Children About Crypto
CEO of Stack Will Rush claims that there is tremendous demand among Generation Zers to learn about cryptocurrency, but they often prefer to consume educational content via social media, which lacks a certain level of depth.
The team behind the Stack app is looking to fill a niche in the industry by producing content that specifically resonates with adolescents by developing interesting financial content in the style of TikTok and YouTube videos.
“All of our research about Gen Z demonstrates that they are self-learners and follow trends that evolve in minutes instead of days, months, or years. This means that too often, TikTok or Reddit is their financial advisor,” the Stackc CEO amphasized.
After previously trying to teach children about investing, Rush discovered that replacing the word “stock” with “crypto” fostered more engagement.
He also shares instances of minors trying to get into cryptocurrency by using their parents’ information to open accounts on exchanges like Coinbase (NASDAQ:) and Robinhood (NASDAQ:), only to have them frozen for not being of legal age.
“We need a big lift to make it relevant to teenagers and are looking at educational topics like NFTs, metaverse, and web3. We aim to be the trusted account for democratizing investing for young people,” Rush stated.
Start Trading as Early as 13
Rush believes that Stack stands out from other crypto exchanges like Coinbase and Robinhood because it offers a trading environment and features designed specifically for teens.
The company claims that Stack accounts are governed by the ‘Uniform Transfers to Minors Act’, which permits parents and legal guardians to retain ownership of an account and its assets until their adolescent reaches the age of 18.
To further protect its users, Stack has set limits on trading possibilities. Stack provides buying, trading, and holding services for seven digital assets, namely: (BTC), Ether (ETH), (ADA), (SOL), (USDC), (LTC), and Polygon (MATIC).
The platform doesn’t allow off-platform transfers, which eliminates the possibility of exposure to up to 98% of all bitcoin fraud and scams that currently plagues existing exchanges.
With the company aiming to increase young people’s financial literacy, they plan to encourage teens to become long-term HODLers, rather than get in drawn by wild day-trading speculation.
On the Flipside
- Traditionally, parents have held the responsibility of passing on financial knowledge and competence with regards to handling money and investments to their children. However, a Wells Fargo (NYSE:) survey showed that 45% of teens think they know more about crypto than their parents.
- According to a survey conducted by online educational platform Study.com, more than two-thirds of crypto-versed parents and college graduates in the United States believe that crypto should be taught in schools so that students can “learn about the future of our economy.”
Why You Should Care
As crypto is gaining favor among youngsters, and a legit educational and trading platform could do wonders to protect vulnerable traders from avoidable financial losses or mistakes. While crypto influencers on social media platforms such as Reddit and TikTok have become an essential source of information for teenagers, social media also serves as the primary arena for crypto-related scams.
Read more about Generation Z and its atttude towards crypto:
Are Gen Z Or Millenials More Enthusiastic About Crypto?
The Favourite Coins of Each Generation