Topic: Passfolio - new US stock trading app supports crypto deposit (Read 310 times)

So no Mobius news on Launch of Passfolio as promised  then? Again your integrity has a large question mark over it.

Yo Gobaud.... we having an AMA here or what?

You have to ascertain how reliable it's in terms of how useful it's to figure otherwise how will one believe it. it's like every site is scammed now and the way can crypto users support it if no new site is definitely trusted.

with these answers i dont think your new user base will take you seriously , if they do little bit search about your past ,they will see that you have founded bunch of  businesses and left them like nothing happened , what happened to your co founders cyrus and monis (did they take their share from ico and bailed ?) , you did not  think people will ask questions  before you started this thread ,you come here act like all is normal ,you were so joyful on communication channels during ico times  but last 2 years just quite ,and feeding  non sense about stealth project ,nda etc.. .you should man up and own your project if you cannot talk about it mobius due to regulations then have your co founder cyrus make a statement or somebody else ,as you said mobius is a separate product and not under sec regulation.it is fair request for ico holders.

dgobaud a few more questions for the AMA - if mobius is not used in the app .... will the token likely still be utilised in any way with the data from the app? Or simply will there never be any synergy between Passfolioapp and the mobius network?
The mobius community were logically expecting Passfolioapp would be making use of the patents held by the parent company particularly as Passfolioapp in linked in talks about utilising blockchain technology in the same fashion the mobius whitepaper did...

Are the team doing anything to further the use case or adoption of mobius token/network?

No Mobius was definitely not intended to be used in Passfolio - that would be impossible. Mobius was a product released long before Passfolio was even imagined.

Was mobius token intended to be utilised by Passfolioapp?
Not just traded within the app ...
Was mobius going to have some utility associated with Passfolioapp?
Because that was where the funding came from for the app and the mobius token holders are awaiting news of a connection or utility within the app - as you well know..

The answer is I don't know - I cannot predict the future unfortunately. Currently the world is dealing with a killer virus sweeping the world. No way I could have predicted that last year. If you said we would be quarantined in SF I would have said no way. Who knows what develops next. As with any crypto as of now if it becomes supported by Gemini then it would be in the app.

Thanks for info

Dgobaud: yes or no answer please: will the mobius token be utilised by Passfolioapp in anyway to help realise the mobius networks whitepaper objectives? Or enable to realisation of panchain patents ?

Yes same parent company owns both products Passfolio and Mobius. They are separate products. We are not currently working on tokenizing securities because it would cost too much money/time to deal with the regulatory side.

Dgobaud: your team also were working on Mobius. There were a number of exciting patents - is the plan to utilise these patents  in the future when the tokenised securities are realised?

https://www.passfolioapp.com/other-charges

https://support.passfolioapp.com/hc/en-us/articles/360039848691-Crypto-trading-fees

I think it's awesome you're partnered with Gemini and DriveWealth. Do you have a full list of fees you can link us to?

yes all regulatory

Are there some regulatory issues at the moment with tokenising securities ? Is it a case that the tech is ready but the regulatory framework is not clear?

Yes we are a FINRA registered broker dealer you can confirm at https://brokercheck.finra.org/firm/summary/299874 and a Member of 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.

And yes that applies to every Passfolio user - it doesn't matter where the user is. Our full legal terms are here https://www.passfolioapp.com/legal the SIPC one is here

Lol, that’s hilarious.

Does finra and sipc insure for non US customers also? I have no idea how international law/insurance would work in this scenario ..

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?

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.

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

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!