Balancer (BAL) and WallStreetBets launch exchange-traded portfolios
WallStreetBets is a movement that has spread across many platforms since it first appeared on Discord to focus on stock trading. The group, which has grown the most on Reddit since its original Discord channel hit a rough patch, rose to prominence earlier in 2021 when it took on institutional investors who were short-selling shares of various companies, including GameStop, threatening to destroy them. for-profit businesses.
Now, the Reddit-based group has gotten involved in the crypto industry, to the point where it even has its own blockchain-based trading platform, WSBDApp. The platform also recently partnered with Balancer (BAL / USD) to launch Exchange Traded Portfolios (ETP) with the aim of improving decentralization and enabling retail investors to seek alternative investment opportunities.
What will the launch of ETPs bring?
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The partnership with Balancer will allow WBSDApp to launch ETPs on its own platform, which recently saw the launch of its second version. WSBDApp’s long-term goals are to support the ‘little guy’, which has been the core mission of WallStreetBets itself, since the group was founded in 2012.
Thanks to the new products, retail investors will be able to hedge against inflation through a full basket of assets handpicked by the community. Assets will include items such as tokenized commodities, stablecoins, as well as more volatile cryptocurrencies. All assets will be chosen through community voting, which will also compile and rebalance the portfolios.
The announcement says the steps will further expand DeFi’s possibilities and increase crypto exposure to traditional and crypto-native investors. Balancer CEO Fernando Martinelli said the partnership with WSBApp is an exciting initiative for the company, as it promises to bridge the gap between DeFi and traditional investing.
After all, the two entities share the same mission, which is to extend accessibility to DeFi, and therefore joining forces to achieve this goal does not make sense.
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