Jamie Rogozinski, founder of the r/WallStreetBets community on Reddit, will launch a decentralized application for investing in exchange-traded products (ETPs).
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
The WallStreetBets Dapp is built on the model of a decentralized autonomous organization. Users of the app will be able to vote on portfolio rebalancing using the WSB governance tokens.
According to the press release, the product is aimed at countering manipulation in the stock market. The application is based on blockchain technology, but is intended for investments in traditional securities.
“Prominent members of the WallStreetBets community are working with fintech and blockchain experts to develop exchange-traded products. Despite the similarities to index funds, ETPs can be managed entirely decentralised”, the statement said.
Back in January 2021, members of the WallStreetBets community triggered a triple-digit surge in GameStop shares, as retail investors battled against large players who were betting on the stock’s decline.
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