Snowball, the mobile app that promises to revolutionize the way people invest in cryptocurrency is now set to publicly launch to US-based iOS users in late June with Android and eventual global release to follow.
The app, who has established major partnerships with Kraken, PrimeTrust, Plaid and Bittrex boosts one, easy to use place for investors to begin their crypto investing journey. They aim to not only make mass adoption possible but to also make it as seamless and easy for the investor to find success by handling most of the due diligence on the back end of the app.
Following in the footsteps of Vanguard’s John Bogle who pioneered traditional index fund investing the Snowball app will strictly offer bundled investment options or what they call “crypto portfolios”, all of which have been hand selected and heavily vetted by their team of professionals and are set to automatically rebalance to follow the fund’s allocations. Taking out the guesswork and extensive research needed to figure out which tokens to buy and sell.
The mobile app was approved earlier this year by the SEC as a Registered Investment Advisor, becoming one of the first platforms of it’s kind to be registered with the SEC and allowing them to make investment recommendations through their mobile application.
“I am a believer in an open financial system that is democratized and doesn’t require a middle man to be able to transact, especially for overseas remittances; however, the ICO boom and bust taught us that if one is managing others money, they should be held accountable. This is why Snowball has decided to become a Registered Investment Advisor and was granted this license from the SEC.” – Parul Gujral, Snowball CEO
How a fund is selected
Each fund that is offered on the Snowball app must be professionally managed and have a minimum of $10M assets under management, assuring they are actively managed with thorough thought and extensive knowledge behind all buying and selling decisions that are made. From there the team looks at the funds overall investment strategy, looking for a well-thought out thesis and begins to analyze the funds long term performance. For more information about Snowball’s fund selection process, How Does Snowball Create Its Portfolios?.
Year end Tax Reporting
Another major feature included in the company’s Whitepaper that users of Snowball can look forward to is complete tax optimization and tax loss harvesting. The app plans to track each individual transaction that is automatically made to rebalance the user’s chosen crypto portfolio and then will calculate gains/losses and estimated tax liabilities on a downloadable end of year statement similar to a 1099 that you would receive from a traditional Brokerage firm.
Their official public launch is now scheduled for late June but limited invites are still available to Beta Test the app ahead of that. To apply for a Beta Testing invite an application is available here.