Tinder CTO: Millennials Prefer to Invest in Crypto, Don’t Trust Banks

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Brian Norgard, the Chief Technology Officer (CTO) of popular dating app Tinder and an early stage investor in SpaceX and Tesla, has stated that millennials prefer to invest in crypto rather than reserve currencies and conventional assets. Citing a report from CB Insights, Norgard listed the following as being “Millennial investing patterns & preferences”: Low fees Desire for home ownership Preferred adoption of simple, fun & useful UI/UX Mobile 1st Depleting trust of large financial institutions Gamified solutions Crypto Mobile First and Lack of Trust in Banks Lead to Crypto As demonstrated by the meteoric rise of Alibaba’s Ant Financial, which recently secured a $150 billion valuation in its latest funding round, conventional means of payment are rapidly being replaced by more efficient, cheap, and robust mobile solutions. Ant Financial operates a mobile fintech network in China called Alipay that enables anyone with a smartphone to send and receive payments, seamlessly transacting at both online and offline stores. Already, Alipay has garnered 520 million users, more than 34 percent of China’s entire population, surpassing the market valuation of some of the world’s largest banks such as BBVA, Goldman Sachs, and Morgan Stanley. Fintech startups and network operators adjust to the needs of millennial users and consumers because they acknowledge the types of services young users desire. Millennials prefer to carry out any finance-related task using a smartphone, and the inability of major banks to compete with innovative fintech startups have left banks behind in mobile fintech development. Similar to the viewpoint…
Source: Tinder CTO: Millennials Prefer to Invest in Crypto, Don’t Trust Banks

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