Instead of worrying about when to invest in Cryptocurrencies and having to manually purchase it, Dust allows you to invest your spare change into Bitcoin and other Cryptocurrencies. Dust is quite similar to other apps like Acorns, except it is for Cryptocurrencies.
Hello, USA. Let's get connected. ?? pic.twitter.com/g0xTmSauy5
— Dust (@dustcrypto) September 20, 2017
The app can see how much you spend by connecting to your bank account and then it invests by rounding up to the dollar and putting that money into Cryptocurrencies. The app uses Coinbase to buy Cryptocurrencies. You are able to choose between how much Bitcoin, Ethereum and Litecoin you want to buy. The app buys your Cryptocurrencies once it hits the $10 mark.
Dust's first trip ever overseas. Bonjour! pic.twitter.com/cTZRyWEZhv
— Dust (@dustcrypto) September 10, 2017
Although this idea isn’t anything new, it’s great to see Bitcoin and other Cryptocurrencies becoming more and more mainstream. This app allows pretty much anyone with a bank account and a phone to invest in their Cryptocurrency of choice. If someone has been sitting on the sidelines waiting for a good time to buy into the market, this app is great for them as they basically buy in intervals instead of having to choose a good time to buy.
Dust will work with around 9000 financial institutions in the US, like Wells Fargo, Chase, and Citi. The app uses data from a service called Plaid which allows developers to use data from banks to create new applications like Dust.
Currently, Dust is only being tested by 1000 users, but there are 20,000 people on a waiting list wanting to use the app. Dust said it is increasing it’s user base next month.
So how will the app make money? The founder currently says it’s a part time gig for him and he has no plans of making any profit from it at the moment. “We’d rather self-fund until we prove we have a product people like and use regularly”. The founder says they are considering charging fees.
This app is an incredible creating as it should be great for the Cryptocurrency market. This app will help bring in more and more newbies and I expect a huge market wide bull run coming soon.