Australian Investment App to Let Users Invest Spare Change in Crypto

Bamboo, an Australian-based micro-investment application, would let its users invest their spare change from their transactions in cryptocurrencies, local media reported.

The app is set to launch soon in Australia and the US, enabling users to automatically invest small change in Bitcoin (BTC) and Ether (ETH), The Sydney Morning Herald writes. At some point Bamboo would also expand to Europe and developing nations.

The service would be similar to that of the Raiz Invest app, formerly known as Acorns, which lets users invest small sums in share portfolios, and to Robinhood, which allows users buy shares with as little as $5.

“Our platform aims to provide access to different investment opportunities like cryptocurrencies,” Phil George, chief executive and co-founder of Bamboo, told the media.

In his words, the application will not stop at cryptocurrencies, but would likely expand into commodities and real estate.

“The micro-investment app is really the first and most obvious thing we do to make these opportunities accessible to everyone," George said.

The chief technology officer of Bamboo Peter Hume explained that the platform is designed to make investments in cryptocurrencies very simple. 

“Cryptocurrency investment is niche, cliquey and highly technical,“ Hume told The Sydney Morning Herald. “We see the potential and promise of blockchain and wanted to extend this opportunity to everyone.”

According to the Bamboo site, the app will let users round up digital payment transactions, and, for example, automatically invest the small change from the payment of a ride sharing service, in a cryptocurrency of their choice, or pick a diversified portfolio. All a client needs is a bank account and a smartphone. Another option to invest, is with a one-off deposit or small scheduled deposits from the bank account linked to the app.

Bamboo also has a native token, named BAM, which can be used in the Bamboo ecosystem or transacted as the holder sees fit, as it is ERC20-compatible.