Millennials are quickly becoming the top target for cryptocurrency investment platforms. With the recent announcement that Robinhood, the popular zero-fee investment app, is adding cryptocurrency trading to their platform this month, we now look to other apps lowering the barrier to entry for crypto-investing.

Enter Skraps, a brand new app slated for a June 2018 launch that enables users to passively invest their spare change into cryptocurrency assets. Similar to the very popular Acorns app, Skraps enables users to connect their debit/credit cards to the platform and with each purchase, rounds up the total to the next dollar amount and invests the difference into a pre-determine crypto portfolio.

With competitors like Coinflash and the not-yet-released Dust, Skraps stands to set itself apart from the pack with a currently active token sale.

Interested in Skraps? Here’s a quick rundown of the project:

Platform & Developments

The Skraps platform combines the very familiar features found with the Acorns app and adds a few unique crypto-elements. Similar to Acorns, users will be able to passively invest with each card transaction, requiring very limited attention to build a sizable portfolio. What’s new includes a unique portfolio management feature and the ability to round your investments to select crypto-decimals (i.e. 0.0001 ETH).

Screenshots of the Skraps platform

The Skraps platform will initially offer 5 different portfolios settings, each managed by an appointed ‘expert’ portfolio manager:

● Conservative
● Moderately Conservative
● Moderate
● Moderately Aggressive
● Aggressive

To promote further adoption, Skraps will eventually allow users to develop their own portfolios to become pseudo-managers (similar to Motif). The idea is that Skraps would tap into the large array of amateur ‘experts’, to allow their following to directly benefit from their insights. These managers will earn a 20% commission on each transaction conducted from their portfolio. We do not have any indication on how long after the app launch this feature will be available.

The Skraps technical architecture also looks sound, and we are pleased to see the explicit detailing of the APIs used for their platform, found in the whitepaper.

Note that this Acorn concept was also attempted a few years ago by Lawnmower, which has since pivoted to a blockchain asset management platform. We believe their failure was a result of being too early, as very few non-enthusiasts invested in cryptocurrencies back in 2014/2015.

Roadmap

Skraps has provided a roadmap through the end of the year. The month of highest interest is June 2018, when the desktop and mobile app versions of the platform will be released to the general public.

Token

With any blockchain project, we look to understand the underlying use cases attached to the issued token. Here are the use cases of the SKRP token, as detailed in the SKRAPS whitepaper:

The service fee of Skraps platform will be charged in SKRP. As detailed above, each account will be charged 5% in SKRP tokens per month, irrespective of the amount invested by them.

The SKRAPS token will be used to pay the portfolio managers who will be managing the cryptocurrencies portfolios in the platform. This would also help align the incentives of the portfolio managers with the success of the platform. If the portfolios perform well, more and more users will be attracted to the Skraps platform. Anyone is able to create their own portfolio, broadcast it to the community, and earn 20% in commission from anyone who decides to copy their portfolio.

Team

The Skraps team looks to be well-rounded and capable of executing on their development plan. They are active across all social media platforms.

Financials

Here are the details of the current SKRP token sale:

Final Take

We are excited to try out the Skraps app when it is launched in June and are especially interested in the evolution of the portfolio manager feature. This will likely be a major value driver for the project long-term.

Check out the Skraps ICO Site to start buying SKRP.

More: Skraps – Investing Your Change Into Cryptocurrency


Disclaimer: The author of this article may have a position in one or more of the securities mentioned above. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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