A new cryptocurrency investment and portfolio management app for Android and iOS promises to lower both the technological and financial barriers to entry for new investors.
Launched May 7, B21 Invest allows users to easily create and manage their own portfolio of cryptocurrencies with a minimum fiat deposit of just $25. Coins can be purchased through the app using either bank transfer or card payment.
Investing in multiple cryptocurrencies, made easy
Once funds are deposited onto the platform, they can be used to buy individual assets or be split across a user-defined portfolio. Balances can be adjusted through the app’s dashboard, and individual assets can be sold and traded at will. B21 Founder, Nitin Agarwal, explained that the company’s mission is:
“To bring digital asset investing to the mainstream, so everyone can participate in the potential returns without having to deal with the complex technology typically associated with digital and crypto asset investments.”
Consequently, the app is available across 65 countries and in six languages.
The small print
Withdrawals, to a minimum value of $25, can be made for free via ACH bank transfer within the United States. They can also be made via domestic or international wire transfer, although this will incur a fee.
Planned future developments include the introduction of a debit card, to which funds can be transferred and spent, and the possibility to stake assets and gain interest through DeFi services.
Although the B21 Invest app does provide a smoother onramp for those who may previously have been deterred from investing in digital assets, the flipside of this is that it is a full custodial service. This will not appeal to those who demand full control of their private keys and wallets, although that isn’t really who it is aimed at.
Agarwal told Cointelegraph that he expects about 90% of users to be first time cryptocurrency investors, but that the app also has something to offer to those who already hold digital assets.
“Even existing investors can find it complicated to invest using exchanges. Exchanges are meant for traders while non custodial wallets are meant for tech savvy people who want to hold on to their keys. B21 is largely focussed towards the people who want to invest but not worry about managing keys or get lost in the complicated experience of the exchanges.”