Jaime Rogozinski, founder of the r/WallStreetBets community on the Reddit media platform, will launch a decentralized exchange product (Dapp) for investment in Exchange traded fund (ETP).
The WallStreetBets Dapp is based on the decentralized autonomous organization model. App users will be able to vote using WSB governance tokens.
The future of finance is here. @WSBDapp
lets the community to create collateralized ETPs with regular stocks, crypto and more. https://t.co/9Tuv3QLBIX— WallStreetBets (@wallstreetbets) May 4, 2021
According to the press release, the product is aimed at combating stock market manipulation. The application is based on blockchain technology, but is intended for investments in traditional securities.
“Renowned members of the WallStreetBets community are working with financial technology and blockchain experts to create exchange-traded products. Despite the similarities to ETFs, ETPs can be managed in a fully decentralized manner, ” the message says.
Recall that in January 2021, members of the WallStreetBets community provoked a three-digit growth in the shares of GameStop. This is how retail traders fought big players who were short.
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