A New Zealand-based financial services start-up has unveiled plans to launch a cryptocurrency portfolio investment platform, designed to bring the technology to the masses.
Under the banner of Invsta, the new platform is in pre-beta testing and will be live to the general public later this year.
The technology is being created by Ilumony, an Auckland-based business taking part in the Kiwibank-backed Lightning Lab accelerator for fintech.
“We were getting a lot of interest and questions coming through from our traditional investment customers about cryptocurrencies, wanting to know if we could help them invest in them,” Ilumony founder, Rachel Strevens, said.
Alternative cryptocurrencies to Bitcoin, such as Ethereum and Ripple, have been in the spotlight in recent months following a period of huge gains in late 2017.
According to Strevens, such growth has spurred investor interest but high barriers of entry into crypto-investing - such as fraud risks, complicated exchange processes, and unsettling volatility - has made the asset class “untouchable” for many.
“Invsta has been developed to make crypto accessible to everyone,” Strevens said.
Specifically, the cloud-based investment platform offers a range of crypto-traded portfolios (CTPs) to help the wider public “easily and confidently” invest into a diverse range of cryptocurrencies and strategies.
“Globally, we discovered there’s huge interest to invest in cryptocurrencies, but the majority of people just don’t know how to buy into the market, who to listen to, and what to trust,” Strevens added.
“Although there’s been a lot of hype and speculation around cryptocurrencies recently, we see this as an emerging asset class that will mature and become more important in coming years. The underlying technology behind them all - blockchain - could be as revolutionary as the internet.
“We want to give our customers the opportunity and appropriate guidance to invest in tomorrow’s money, today.”
Launched in 2016, Ilumony specialises in financial advice, investments and superannuation, alongside expertise in financial planning, wealth creation and online investments.
“We took our cryptocurrency experience, applied traditional investment market principles and expertise to help reduce the risk, and combined this with powerful machine learning algorithms to provide a really simple, yet diversified approach to cryptocurrency investing,” Ilumony founder and CTO, Abhy Singla, added.
Through the Invsta platform, Singla said customers can set up an account and access a range of cryptocurrency portfolios and strategies, including two high-frequency-trading (HFT) algorithm-based portfolios, with more in the pipeline.
“HFTs trade throughout the day across multiple different crypto currencies, based on a large number or pre-defined parameters,” Singla explained.
“Basically, they allow people to trade crypto without them actually having to do the trading themselves. I’m very excited about our HFT algorithm portfolios and the level of sophistication that these can add to a cryptocurrency investment strategy.
“It’s great to be able to make these kind of heavy-duty tools available to the general public via our platform.”
Invsta is currently in pre-beta testing with early users.