Crumbs Technologies has announced the public beta launch of its Crumbs App and it is now live on iTunes after their application was approved by Apple’s App Store. The full launch is planned for August 10, 2018. Crumbs is an app that rounds up the spare change from your everyday debit and credit purchases and invests that change into a basket of cryptocurrencies. The company had first disclosed its plans for such an app in November 2017.
The app is fully-functional and investing roundups into ten crypto assets (MTL, BTC, ETH, XRP, BCH, EOS, LTC, XLM, XMR, DASH, ETC, ZEC, REP). Due to regulatory constraints and compliance, it is not available in the following states: AL, CT, GA, HI, ID, IL, KS, NY, NC, TX, and WA. It is also not available outside of the United States. The company said it is working with its legal and compliance team, in addition to regulatory bodies to be approved in those states and also outside of the United States shortly after.
How It Works
Once your bank account has been linked, you will select a portfolio that accurately reflects your investment strategy. Whether you want to keep your investments moderate or you prefer a more aggressive approach, Crumbs has a portfolio for you. If you would like more control over which cryptocurrencies you invest in, you can create your own portfolio. From there, Crumbs will calculate your spare change made on purchases and once that amount equals $5.00, your spare change will be invested into the selected portfolio. You can cash out your crypto anytime and directly deposit your funds into your bank account.
Crumbs Technologies was recently acquired by Metal, a San Francisco-based crypto startup and a payments processing platform that pays users cryptocurrency for making transactions on the blockchain. A recent post-acquisition update from Patrick Mrozowski, the Co-Founder & CEO of Crumbs, hinted at “some very exciting plans on [Crumbs’] roadmap to integrate the Metal coin (MTL), into the Crumbs platform.” Not divulging too much, Mrozowski encouraged readers to think along the lines of rewarding the financially responsible behavior by receiving discounted fees for the usage of MTL.