Although the cryptocurrency industry is facing a downward slump, Emma, the London-based money management app sees long-term potential with the emerging asset class. According to TechCrunch’s article published on October 18, 2018, Emma launched a new cryptocurrency support feature in their app that links with a large number of cryptocurrency exchanges to help users track their existing balance.
Cryptocurrencies: The Next Emerging Asset Class
Emma, the financial management app currently helps users control and manage existing accounts. Edoardo Moreni, the co-founder and CEO of Emma believes that this feature should be able to work for other financial products or services like cryptocurrency trading and investing.
“We see cryptocurrency as the next emerging asset class,” said Moreni. “At this point, there are more than 3 million people who have bought Crypto in the UK.” Moreni was confident about the success of cryptocurrencies and was a big advocate of the emerging asset class. He believes that cryptocurrencies will become a new financial product and should be treated in the same way that accounts and credit cards are today.
Emma’s cryptocurrency support feature can connect to many cryptocurrency exchanges including Coinbase, Bittrex, Binance, Kraken, Bitstamp, Bitfinex, and individual Bitcoin and Ethereum addresses. Users will, however, need to visit the cryptocurrency exchange to make any sales or purchases as the feature only provides read-only access.
Regarding Emma’s read-only access, Moreni mentioned that the goal of the original financial application was to build the best financial tracker available, which explains why the read-only access is also prominent for other features like bank accounts on the app. Emma will, however, introduce write-access features in the future in both the traditional and cryptocurrency sector.
Emma: Helping People With Their Financial Well-Being
While the cryptocurrency industry is experiencing a bearish season, Moreni sees the introduction of the cryptocurrency support features as a massive opportunity for the company.
Moreni is looking to ride the cryptocurrency wave by helping people, especially first-time cryptocurrency investors understand how to trade and invest in cryptocurrencies since it fits well with Emma’s mission. While the app is an extremely useful aggregator, Moreni’s overall goal is to eventually help users manage their money in a financially sound way and improve their long-term financial well-being.