Crypto microinvesting platform Bamboo reaches 11,000 users, $9m AUM
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Australian crypto micro-investing platform Bamboo says it has grown to more than 11,000 active investors in the past nine months, who have invested over $9 million in Bitcoin, Ethereum and precious metals.
Founded by a Perth company of the same name, Bamboo lets users invest small amounts in crypto using dollar-cost averaging strategies. Users aged between 25 and 35 make up nearly two-thirds of its customers.
It also offers investments in gold and silver and has an option where customers can buy crypto with their self managed super funds (SMSFs).
The platform launched in 2019, but really only started really growing its user base nine months ago.
So far Bamboo is only available in Australia, but it has plans to launch in the United States soon.
In a news release, Bamboo noted that a recent survey by YouGov found that 12 per cent of Australians planned to invest their tax returns, and of those, 1 in 4 of them planned to buy crypto with it.
Chief executive Blake Cassidy suggested that users invest dollar-cost averaging strategies to mitigate against coin volatility.
“Nobody wants to see their savings wasting away in a bank account that can’t keep up with inflation,” Cassidy said in a statement.
“Meanwhile, many young Australians have been priced out of the housing market or don’t want a mortgage they can’t afford when interest rates rise.”
Bamboo quoted their customer 25-year-old Jesse Coghlan, who works in marketing, as saying he was investing $300 a month into Bamboo, plus round-ups.
He was planning on putting 70 per cent of his tax returns into Bamboo using dollar-cost averaging, with the other 30 per cent going into traditional ETFs and shares.
“I’m no guru – but I believe crypto presents a massive disruption to how people believe currencies need to behave or who controls them – and that’s fantastic!” the company quoted him as saying.
“There’s a decentralisation aspect to it which is incredible for so many applications… I believe anything that’s monopolised ends up being terrible.”
This article has been updated to reflect Bamboo has grown to having $9 million in assets under management. A news release this story relied on had used an outdated figure of $5.8 million.