Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with Sean Odisho, co-founder of cryptocurrency micro-investment application MyVested.
In 128 words or less, explain your business idea
MyVested is a cryptocurrency micro-investment application providing you with an easy way to invest directly into cryptocurrencies like Bitcoin, Ethereum and more using your spare change.
We have created two portfolio types that make it easy for both experience crypto trades and beginners to use.
There are Automated Portfolios, which select coins using a proprietary algorithm or Custom Portfolios, where you can select from an array of cryptocurrencies available through the app.
By rounding up spare change from everyday purchases, or investing lump sums, you’re able to build a cryptocurrency portfolio.
You can start building a portfolio from $5 and you can withdraw at any time.
What strategies are you using to grow and finance your idea?
MyVested is largely self-funded. We are residents of Stone and Chalk Melbourne, which presents us with an exceptional opportunity once we decide to seek investment through traditional fundraising avenues.
What’s the biggest challenge facing your business?
The greatest challenge we have had is ensuring that we align with all regulatory requirements. Our legal team has been fantastic through this process and continues to provide guidance as the regulators keep evolving to catch up with cryptocurrencies.
How do you differentiate your business from your competitors?
There are popular micro-investment applications that let users round-up their spare change into traditional shares and this has been met with great success.
There are a large number of Australians that have heard of Bitcoin, Ethereum, or other blockchain solutions and want to be a part of the new era of tech.
MyVested enables anyone interested in these projects a simple way to dip their toes in the water. Users don’t need to worry about private keys, wallets, or learning how to negotiate exchanges. MyVested looks after the whole process.
The key is to make the whole process easy and accessible.
Our competitors elected to create a tokenised network to provide a similar product. We don’t see the need to add a level of complexity to our product to provide value to our product.
What one phone, tablet or PC application could you not live without?
Slack and Google Authenticator. Slack is a great bit of kit for the team to stay engaged and solve problems fast. Google Authenticator, I guess that one is obvious.
What’s the best piece of business advice you’ve ever received?
The best piece of advice I have been given, was by an incredible man who came to Australia from a war-torn country. Not knowing a word of English, he ended up building an empire.
It was simple.
Smile, you can still work.
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