Of course, the latest moves from the industry’s Teslas, Apples, and Googles tend to dominate the tech news space — and for good reason. Yet the big guns aren’t the only ones bringing innovation to the industry.
Aiming to shine a light on promising startups, Built In is launching The Future 5 across eight major US tech hubs. Each quarter, we’ll feature five tech startups, nonprofits, or entrepreneurs in each of these hubs who just might be working on the next big thing. Read our roundup of rising startups from the last quarter here.
* * *
Cryptocurrencies are becoming mainstream. Exchanges – like Coinbase and FTX – are used by millions of people, banks are developing blockchain-based products and even teens get in on the action with a specialty platforms just for them. However, gender diversity remains a major issue with digital currencies.
disproportionately, men are more likely to own crypto than women, according to a recent study by Morning Consult. The report revealed that 72% of all crypto owners are men and only 28% are women.
There are a host of reasons for this disparity, but Kendra Cole says a lot of it is caused by apps that were created and designed by men, for men. With his startup, The CryptoMom AppCole hopes to create a platform for women to grow their wealth through crypto.
Cole came up with the idea for the app during the pandemic while working from home alongside her husband, a CTO at a fintech company. She kept hearing him use crypto terminology and then started researching the subject. Eventually, she created an account for a crypto exchange.
“I put a hyphen in my married name, but it didn’t‘This does not necessarily correspond to one of my bank accounts, which you need to be able to verify your identity. So I had challenges even just getting in on the exchanges and then once I started I just felt the [user interface] was not intuitive,” Cole told Built In.
With the CryptoMom app, Cole aims to solve the challenges she has faced and lower the barrier to entry for women. To do this, she worked with women UX and user interface designers to create an investing app for millennial women. Cole said that included building the app, condensing its user interface into a smaller footprint to fit smaller hands, and using larger text and softer color tones to reduce tired screen.
Women need an opportunity where they feel secure in their investment decisions and can connect with other women who are on their journeys of creating crypto wealth.”
The CryptoMom app also has a different investment strategy than other crypto platforms. Cole said the app is not an exchange platform that promotes fast trading. Instead, women use the app to buy Bitcoin and distribute it to funds and investment accounts like a 529 education plan. Bitcoin purchased on the CryptoMom app can also be gifted to friends and family through the platform. Later in the app‘s life cycle, more parts will be available for purchase, according to Cole.
“Women invest in things they understand and know. They buy and they hold longer and that makes women much better investors than men,” Cole said.
Since creating the CryptoMom app, Cole has closed a fundraising round among friends and family. The startup was also part of the first AWS Impact Accelerator and received mentorship from industry leaders.
The application is currently on the waiting list but should be launched by the end of the year. For its initial rollout, Cole plans to target millennial women through web publications that have a predominantly female readership and by partnering with crypto education groups. The startup also plans to launch advertising campaigns with influencers.
“Women need an opportunity where they feel secure in their investment decisions and can connect with other women who are on their crypto wealth creation journeys,” Cole said. “We‘are on a mission to close the crypto gender gap.