Satoshi Citadel Industries (SCI) has acquired the bitcoin-powered Keza app which allows users to invest in mainstream U.S. stocks, and has relaunched it.
The Keza app closed in April shortly after launching, CCN reported. The project had received $357,000 in funding backed by Digital Currency Group and Jason Calacanis of HOF Capital. Keza also promised an application for the growing remittance market since it offered a tool for cross-border payments and remittances.
SCI noted in a blog that its core team had a similar idea in early 2016 for a bitcoin-powered app that would allow people to invest in the mainstream stock market.
SCI saw a need for an easy and secure way for people to invest in stocks using bitcoin. There were numerous bitcoin-related investment websites, but many were not legitimate, causing people to lose money.
When Keza launched in early 2016, SCI welcomed and supported it. SCI believed Keza’s simplicity and appearance gave it a lot of potential.
Within a few months, Keza advised SCI it needed to return its deposits because the app was shutting down.
Observers offered various theories as to why Keza ended at such an early stage. Many lamented the loss of a promising concept.
One Reddit poster suggested the U.S. Securities and Exchange Commission played a role. The poster faulted the company for not reading the SEC rules carefully.
Another Reddit poster was more sympathetic to Keza and said it is more likely the beta test feedback did not generate enough interest in Keza.
SCI convinced Keza it would make a great home for the product and it fit SCI’s mission to build a bitcoin ecosystem. SCI agreed to acquire Keza.
SCI now re-launches a fully functional Keza app that will allow anyone, anywhere, to invest in a various U.S. stocks using bitcoin. SCI plans to build on the app and expand into more investment tools and applications so anyone can easily and safely access its financial tools.
Keza is available at the App Store.
Featured image from Shutterstock.
Last modified (UTC): October 20, 2019 04:55