Investing in cryptocurrencies is still a very daunting task for most consumers. There is no really convenient way to do so without encountering friction. Cred aims to make a name for itself in this regard, as it is designed to let people create a cryptocurrency portfolio by tapping into 13 different currencies.
The Idea Behind Cred
Making cryptocurrency investing more appealing and attractive to the masses is a big challenge. Consumers demand convenience without the risk of suffering from price volatility. That seems rather difficult to achieve, mainly because cryptocurrencies are very volatile in nature. Cred offers some interesting solutions in this regard which may be of value to the right users.
How Does it Work?
By offering a mobile application for users to create their own cryptocurrency portfolio, the Cred team is targeting very specific markets. Its primary focus lies in offering users the option to micro-invest by rounding up payment card purchases. This ‘extra change’ will be used to invest in particular cryptocurrencies without users having to jump through additional hoops.
One of the main selling points of Cred is that it does not just focus on letting users buy Bitcoin or Ethereum. There is a wide selection of currencies to choose from, as Cred supported 13 different currencies at the time of writing. Additionally, the company provides users with a secure and trusted investment platform protected by next-generation security measures.
As one would expect from a platform such as this one, availability is fairly limited. The Cred app only works in Missouri, Massachusetts, Montana, and California. Those are four key states for cryptocurrency as a whole, although it is evident that a nationwide rollout is needed in order to make a big impact. Achieving that goal may be a bit difficult given the different regulatory requirements in each state.
The Future of Cred
Getting more people to invest in cryptocurrencies is difficult, but applications like Cred can make it happen. Its business model seems to make a lot of sense, even though it can only be accessed in select US states. More companies working on automating cryptocurrency investments on behalf of consumers is a positive trend, as it can help the industry as a whole grow.