Of course, the latest industry initiatives from the Teslas, Apples, and Googles tend to dominate the tech news space, and with good reason. Still, the big guns aren’t the only ones bringing innovation to the industry.
In an effort to highlight emerging startups, Built In is launching The Future 5 in eight major US tech hubs. Each quarter, we’ll feature five tech startups, nonprofits, or entrepreneurs in each of these hubs who might be working on the next big event. Read our roundup of startups on the rise in the last quarter here.
Cryptocurrencies are becoming mainstream. Exchanges like Coinbase and FTX are used by millions, banks are developing blockchain-centric products, and even teenagers are getting in on the action with specialized platforms just for them. However, gender diversity remains a prominent issue with digital currencies.
Disproportionately, Men are more likely to own crypto than women, according to a recent Morning Consult study. The report found that 72 percent of all crypto owners are men and only 28 percent are women.
There are many reasons for this disparity, but Kendra Cole says it’s largely caused by apps created and designed by men, for men. With her startup, The CryptoMom App, Cole hopes to create a platform for women to grow their wealth through crypto.
A Cole came up with the idea for the app during the pandemic when she was working from home alongside her husband, the CTO of a fintech company. She kept hearing him use cryptographic terminology and later began researching the subject. Finally, he made an account for a crypto exchange.
“I can hyphenate my married name, but he didn’t‘It doesn’t necessarily match one of my bank accounts, which you need to be able to verify your identity. So I had challenges even just getting into the exchanges and then once I did I felt the [user interface] it wasn’t intuitive,” Cole told Built In.
With the CryptoMom app, Cole aims to solve the challenges she experienced and lower the barrier to entry for women. To do this, she worked with female UX and UI designers to create an investment app aimed at millennial women. Cole said this included building the app, condensing its user interface into a smaller footprint to fit smaller hands, and using larger text and softer color tones to reduce screen fatigue.
Women need an opportunity where they feel confident in their investment decisions and can connect with other women who are on their journeys to create crypto wealth.“
The CryptoMom app also has a different investment strategy than other crypto platforms. Cole said the app is not an exchange platform that promotes fast trading. Instead, women use the app to buy Bitcoin and put it into mutual funds and accounts like a 529 education plan. Bitcoin purchased on the CryptoMom app can also be gifted to friends and family through the platform. Later in the application‘During the lifecycle, more coins will be available for purchase, according to Cole.
“Women invest in things they understand and know. They buy and hold for a longer period of time and that makes women much better investors than men actually are,” Cole said.
Since founding the CryptoMom app, Cole has closed a round of funding from friends and family. The startup was also part of the inauguration AWS Impact Accelerator and received mentoring from industry leaders.
The app is currently on a waiting list, but is expected to launch later this year. For its initial launch, Cole plans to target millennial women through web publications whose readers are primarily women and by collaborating with crypto education groups. The startup also plans to launch ad campaigns with influencers.
“Women need an opportunity where they feel confident in their investment decisions and can connect with other women who are on their crypto wealth creation journeys,” said Cole. “We‘We’re on a mission to close the crypto gender gap.”
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