SEATTLE--(BUSINESS WIRE)--Stack, the first cryptocurrency app built specifically for teenagers and parents, announced they raised $2.7 Million from Madrona, The Venture Collective, Santa Clara Ventures, and several angels/executives in the finance & mobile app space.
The company also announced the release of the Stack app for iOS and Android Stack's mission is to create a safe and educational ecosystem for the large portion of Gen Z that will grow up in the blockchain era and own digital assets. With over 5,000 users on the waitlist, the app is off to a quick start.
The Stack team, Will Rush (CEO), Natalie Young (CTO) & Angela Mascarenas (CCO), has over 30 years of experience in FinTech & mobile apps. Collectively they have worked on apps that include Girl Scouts, Copper, Chase Pay, Charles Schwab/TD Ameritrade, and E*Trade, among others and are uniquely equipped to create a safe environment for teens and parents to approach Web3.
The Stack app differs from apps like Coinbase and Robinhood in that it allows users to access the tax and control advantages of a UTMA (Uniform Transfers to Minors Act) account while providing teens legal access to a trading environment built specifically for them. U pon reaching the age of majority, assets transfer into the teen's name.
Stack limits both the assets offered on the platform as well as features on the app in an effort to protect its users. The platform will start by offering seven cryptocurrencies (selected based on volume) and include BTC, ETH, ADA, SOL, USDC, LTC & MATIC. As a safety measure, Stack doesn't allow off-platform transfers. According to Rush, this allows the platform to "eliminate up to 98% of all crypto fraud and scams" and thus provides a more secure environment.
"Most parents of current teenagers grew up in the age of the internet. We often ask them if they would have paid the price of a cup of coffee a month to gain an edge during early internet adoption. It leaves them daydreaming of how they might have demystified coding early on, gotten an early tech job, or so many other potential advantages," said Rush. "All of our research about Gen Z demonstrates that they are self-learners but also that they follow trends that evolve in minutes instead of days, months or years. This means that too often, TikTok or Reddit is their financial advisor. Meanwhile, most finance apps relegate financial education to a blog written by an intern. At Stack, we embed education into our foundation while building content to specifically resonate with teens."
The app is subscription-based at only $3/per month per teen user and is offering 6-months of free usage for users that sign up before the end of the year. This revenue model aligns Stack's mission of getting more young investors to long-term hold rather than day trade by not charging fees dependent on transaction volume.
About Stack.io
Stack is a safe and simple way for teens and parents to both access digital assets and learn about web 3. The app is available for download on iOS and Android devices.