Bamboo launches self-managed super fund investment in digital currency
Announcement posted by Fearless Collective 17 May 2021
Bamboo has developed a customer-centric product to purchase digital currency for individual self-managed superannuation funds. Instead of taking days or weeks to understand security, compliance and onramps, Bamboo has packaged up a product to make investment effortless.
With built in compliance, reporting and storage Bamboo allows anyone with a mobile phone and bank account to participate in just a few minutes.
“Until now, purchasing digital currency has been overwhelming, time consuming and complicated,” said CEO Blake Cassidy. “Bamboo responds to these issues and provides a quick, easy and safe way for people to gain exposure to Bitcoin, Ethereum, Gold and Silver. It is so simple, anybody can do it,” he continued.
Australians are at the forefront of adoption with over 20% of the population
owning digital currency. More and more people are looking to invest for the long-term and it’s expected these currencies will be as widely owned as stocks and commodities such as gold over the coming decade.
ATO reported a total of AU$168M funds allocated to digital currency investment in their December statistics release. This data means that the average fund allocation per person is around AU$7,500.
Google Pay and Samsung Pay will soon let customers pay with Bitcoin and other digital currencies. BitPay, a digital ledger payment processor, revealed it is planning to bring Google Pay and Samsung Pay support early in 2021. Visa has recently announced late in March 2021 it will allow the use of cryptocurrency to settle transactions.
“Digital currencies are becoming widely accepted across the globe and being able to invest in these currencies to increase performance in your self-managed superannuation diversifies your portfolio even further. We see this as an important part of the early stages of Bamboo’s growth.
Bamboo is a people-focused mobile application that is designed to make micro-investing in digital currency simple, safe and secure. Our solution helps customers achieve their financial goals and reinforces positive behaviour by making investing part of their daily lives. New customers can sign up and begin investing in as little as 90 seconds. Customers are able to effortlessly invest into digital assets passively and
incrementally. Each customer’s portfolio is funded through automated or discretionary contributions. These will be distributed into digital assets in
accordance with the customer’s selected portfolio composition. Bamboo is tackling the problem of trust in the digital asset space by being the first company to deploy an end-to-end, publicly verifiable Proof of Solvency (PoS) protocol. The PoS will empower customers by providing them with tools to independently audit and verify the platform without the need for trust. This will give customers the peace of mind and reassurance that their funds are accounted for.
About Blake Cassidy
Blake is an ambitious and driven CEO with a passion for technology. Previously working in funds management, strategy consulting, software development and a founder of IoT company Matter.city. Blake brings venture experience and subject matter expertise to drive growth in the Bamboo Platform. Blake was a seed investor into Bamboo and worked with the founding team to assist with strategic projects as a consultant. Embodying the vision for Bamboo, Blake is now delivering on new features and functionality while at the same time preparing for launch in growth markets.