WeMoney integrates crypto exchange CoinSpot

WeMoney integrates crypto exchange CoinSpot

Amid the seemingly endless cryptography craze, Australian financial wellness platform WeMoney has expanded its offering to now allow members to track their cryptocurrency holdings in app.

WeMoney Founder and CEO Dan Jovevski (pictured) says it was a no-brainer to expand account connections to include a crypto exchange.
“Now more than ever, young millennials are adopting crypto at phenomenal rates. The popularity and adoption of crypto is surging and fast outpacing traditional finance – it’s breathtaking.”

A survey recently conducted by WeMoney reveals that 91% of respondents currently hold some form of cryptocurrency. The survey also revealed that only a small portion utilise cold storage (10.5%) for their digital tokens while the majority of 69% rely on an exchange for storage.

The CoinSpot integration will be the platform’s first foray into tracking cryptography assets inside the WeMoney ecosystem. It will allow the members of the remote first, Australian based start-up to track their cryptocurrency holdings in real time and be included in Net Worth calculations in-app.

The integration will enable members to gain a holistic view of their personal finances.

“At first we underestimated the demand for crypto in app. It has become clear that Gen Z and millennials are transitioning to a web3.0 world.

“This first integration with CoinSpot will be one of many exchanges to come online in the next few months as we empower more of members to get a better understanding of their finances and their money.”

Members will be able to see their digital tokens alongside other financial accounts including savings accounts, investing accounts, superannuation and various credit products.

Since its public launch in October 2020, the app has amassed over 160,000 downloads. It’s member base is primarily Gen Z and Millenials with 40% of members aged between 18 – 24.

The median age of WeMoney members is 29.

WeMoney has also submitted their application to Treasury to become a recipient under the Consumer Data Right or “Open Banking” model with the view of becoming accredited either later this year or early 2022.

WeMoney is supportive of a safe and diverse financial ecosystem “WeMoney supports a legislative framework that allows all participants to operate in a safe, open and level playing field and welcomes any Australian government support for the crypto sector,” Jovevski said.

The company has launched a fundraising round off the back of its fast adoption by the Australian public and hopes to close the round by early 2022.

The Start-up has also recently celebrated a new accolade, after taking out the People’s Choice award for Emerging Fintech organisation of the year at The Finnies awards 2021.