Tokenizing Stocks and MOBI Burn
After our last update and listening to users we realized the most effective way to start democratizing financial opportunity to billions of people around the world was to make it easy for people outside the US to invest in US stocks and cryptocurrencies. In the US we take the US stock market for granted. However, from talking to users around the world we realized it was often impossible for them to access the US market unless they were very rich. With this realization we launched Passfolio (Passport + Portfolio — signup here and get up to $100 in free stock!), a financial passport that makes it fast, easy, and affordable for people all over the world to invest in US stocks and cryptocurrencies.
Now that Passfolio is live with users in over 150 countries we’re thinking about the future and a 24x7 (hilariously the US stock market is only open a few hours on weekdays) unified global market. The January GameStop (GME) trading activity that resulted in many retail broker apps halting buys as a result of immense capital requirements connected to the antiquated US market standard T+2 settlement delay showed the world how important it is to decentralize financial markets in order to increase capacity and efficiency. One of Passfolio’s goals in order to increase financial inclusion globally thus is to tokenize stocks and put them on the Stellar blockchain which has practically instant settlement (no more T+2 delays!).
As we look into a unified global market with tokenized assets (stocks and beyond), one aspect we are researching is how to achieve instant settlement. In order to experiment with a real world ecosystem we’re going to test burning a number of MOBI tentatively each month for the next 12 months. The number of MOBI burned will be connected to Passfolio’s revenue and usage (users, trades, etc) but we’re not publishing the algorithm used to calculate the number and it is subject to change as we develop the technology.
For this first MOBI burn we’ve burned 2,416,267 MOBI equivalent to 0.27% of the total supply. The MOBI were sent to GA74G4TQFHSCYKQB5BPBOXC7NUWODMLPPAPOUNN2527NALOFKUA5UMWU, an account with only 1 signer that has a weight of 0 and thresholds of 1 meaning the account is locked and the MOBI are unmovable.
If you aren’t yet a Passfolio user you can signup up through this link that will give you up to $100 in free stock and then you can share your referral link with friends and earn even more! We’re also currently running a Brazil Covid-19 fundraiser — please donate if you can.
