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COMMONSTOCK LAUNCHES SOCIAL INVESTMENT PLATFORM: US-based fintech CommonStock has launched its first web and mobile app to allow users to socially invest in traditional stocks and cryptocurrencies. Additionally, the fintech raised almost $2 million in a Seed funding round from Social Capital, Resolute VC, and Studio VC. CommonStock uses application programming interfaces (APIs) to connect to brokerages and crypto exchanges to allow users to trade and monitor the assets. The new platform is directed at those with all levels of experience, and offers a social feature, dubbed Groups, where users can connect as a team or in a competitive setting. By using Groups, investors can send messages and share research, or even copy others, which is likely to be particularly attractive for inexperienced people. Sixty percent of US consumers know they have to be more financially secure but don’t know how to get there, and 52% believe they’d be less afraid to invest if they knew others like them were doing it, according to Ally Invest. This suggests that the need for educational platforms like CommonStock is likely high, and will potentially get many new investors into trading. However, it will also probably have to deal with competition from others like eToro, which is an already established player offering similar services.

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