Topic: Passfolio - new US stock trading app supports crypto deposit - page 2. (Read 272 times)
Yes we've built the system to scale - outages can of course happen but we are definitely engineering for scalability! PS if you signup as a new user and use promo code ROBINHOOD in the app you get $5 of a surprise stock
Interesting interesting.... good timing with Robinhood having had so many issues these past few weeks.
Will the Passfolioapp be able to cope with the high transaction volume - seeing as it is going to be available in 170 countries?
Will the Passfolioapp be able to cope with the high transaction volume - seeing as it is going to be available in 170 countries?
Hi OO,
1. Passfolio's mission is to democratize the US stock market and make it available to anyone in the world. A big problem is how to fund a US brokerage account. Typically internationally this can be done using an international SWIFT wire but those can be very expensive often $40+. Crypto solves this problem. You can deposit crypto, then sell it to get USD, and use it to invest in US stocks all in Passfolio. We're the first US company to put this all together.
2. Yes you can deposit bitcoin, sell it, and then withdraw USD. We're working on crypto withdrawal but that is going to take more time.
3. As a US broker dealer and Money Services Business we have a very robust KYC and AML program - you can signup to see it.
4. Long term we do want to tokenize stocks and yes the idea is to put them on Stellar but this is a very big, time intensive, and expensive project. Massive regulatory issues cannot be done quickly but yes ultimately we want to do this.
5. Not sure what chain clients means.
6. We support all cryptos available on Gemini as they power our crypto trading and custody.
7. We were planning to do some press this past week unfortunately COVID-19 became much more serious - crazy times right now. I'm in SF where we're now under mandatory shelter-in-place law. So yes we want to get the word out because Passfolio democratizes the US market and gives people more financial access but right now there is a much bigger issue the world is dealing with.
1. Passfolio's mission is to democratize the US stock market and make it available to anyone in the world. A big problem is how to fund a US brokerage account. Typically internationally this can be done using an international SWIFT wire but those can be very expensive often $40+. Crypto solves this problem. You can deposit crypto, then sell it to get USD, and use it to invest in US stocks all in Passfolio. We're the first US company to put this all together.
2. Yes you can deposit bitcoin, sell it, and then withdraw USD. We're working on crypto withdrawal but that is going to take more time.
3. As a US broker dealer and Money Services Business we have a very robust KYC and AML program - you can signup to see it.
4. Long term we do want to tokenize stocks and yes the idea is to put them on Stellar but this is a very big, time intensive, and expensive project. Massive regulatory issues cannot be done quickly but yes ultimately we want to do this.
5. Not sure what chain clients means.
6. We support all cryptos available on Gemini as they power our crypto trading and custody.
7. We were planning to do some press this past week unfortunately COVID-19 became much more serious - crazy times right now. I'm in SF where we're now under mandatory shelter-in-place law. So yes we want to get the word out because Passfolio democratizes the US market and gives people more financial access but right now there is a much bigger issue the world is dealing with.
Hi dgobaud,
Why such a large emphasis on crypto deposits?
Will it be possible to deposit bitcoin - sell it within The app and cash out?
How do you ensure kyc/aml is kosher ?
Is the future tokenisation happening on the stellar blockchain?
Are you partnered with chain clients?
Will the app likely utilise mobius token ?
Any public news release for the app soon as it’s pretty unknown atm?
Regards
OO
Why such a large emphasis on crypto deposits?
Will it be possible to deposit bitcoin - sell it within The app and cash out?
How do you ensure kyc/aml is kosher ?
Is the future tokenisation happening on the stellar blockchain?
Are you partnered with chain clients?
Will the app likely utilise mobius token ?
Any public news release for the app soon as it’s pretty unknown atm?
Regards
OO
Hi I’m the founder of Passfolio (https://www.passfolioapp.com/) a new US stock trading app that supports crypto (BTC, BCH, LTC, ETH, and ZEC) deposit and trading. The key differentiator is crypto deposit - others support both stock and crypto trading but no crypto deposit (we're the first to do it). And we’re working on crypto withdrawal. Our mission is to create a global, borderless, and unified investment marketplace by tokenizing securities (stocks, REITs, ETFs, everything) but that is going to take more time
We spent a lot of time on the legal setup to make sure this won’t get shutdown and your money is protected - Passfolio is a United States Money Services Business and a United States SEC registered broker dealer and member of FINRA and SIPC which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
Others have tried in the past such as https://1broker.io/ and https://support.abra.com/hc/en-us/articles/360022979491-Which-Stocks-and-ETFs-can-I-invest-in-with-Abra- both got shutdown because they didn’t comply with U.S. law.
If you signup you get $1 to test it out and we have a referral program where you get up to $100 for each person you invite that makes a deposit (and they each also get up to $100) https://www.passfolioapp.com/referral.
Ask me anything!
We spent a lot of time on the legal setup to make sure this won’t get shutdown and your money is protected - Passfolio is a United States Money Services Business and a United States SEC registered broker dealer and member of FINRA and SIPC which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org.
Others have tried in the past such as https://1broker.io/ and https://support.abra.com/hc/en-us/articles/360022979491-Which-Stocks-and-ETFs-can-I-invest-in-with-Abra- both got shutdown because they didn’t comply with U.S. law.
If you signup you get $1 to test it out and we have a referral program where you get up to $100 for each person you invite that makes a deposit (and they each also get up to $100) https://www.passfolioapp.com/referral.
Ask me anything!
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