It is no secret bitcoin entrepreneurs and startups have a vested interest in disrupting the financial system as we know and use it to this very day. Although not everyone may know the name Zhenya Tsvetnenko, this Australian Bitcoin entrepreneur has joined forces with David Pettit to form a new robo-advice platform.
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FinTech and Bitcoin Collide For New Robo-Advice Platform
People active in the world of financial news may have heard the term robo-advice before, as it seems to be one of the hottest trends in FinTech right now. Especially the millennials demographic is looking for financial advice, but they are not comfortable with just relying on the information given to them by banks and other financial institutions.
When a Bitcoin entrepreneur and a financial planner come together to create a new robo-advice service, exciting things are bound to happen. Future Penny, as this platform is called, was founded half a year ago, and both co-founders invested in the project themselves. Additionally, thanks to some external financial aid, the company has secured US$500,000 in funding to get the ball rolling.
Considering how robo-advice platforms offer financial advice to its users through algorithms, it is not surprising a Bitcoin entrepreneur would be looking to get involved in such a project. Investments are just one part of the financial advice being given, though, as there is also a lot of focus on budgeting, insurance, and estate planning.
Bitcoin entrepreneur Zhenya Tsvetnenko has quite a lot of experience in the financial world, as he is the founder and director of DigitalX [ASX: DCC} and Mpire [ASX: TMP]. Some people may remember DigitalX – formerly known as Digital CC – as it is listed on the Australian Securities Exchange for public trading.
Future Penny co-Founder David Pettit stated:
“The financial services industry continues to be led by product, rather than the best interests of the consumer. Existing robo-advice offerings are essentially designed to sell a product, while Future Penny is a platform for guided decision-making.”
Similar to other companies trying to branch out into the world of Bitcoin and FInTech, Future Penny will face a challenge in attracting clients. Although the concept of a robo-advice platform is quite appealing, and the company is already in talks with three “top tier” firms, there is a lot of competition in this market. Keeping in mind how the platform will also give investment advice, it will be interesting to see whether or not it makes any mention of Bitcoin at some point.
What are your thoughts on this new robo-advice service? Should it take Bitcoin into account for investing purposes? Let us know in the comments below!
Source: AFR
Images courtesy of StartupDaily, Shutterstock
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