CryptoMom app plans to launch crypto platform for women

Sure, the latest industry initiatives from the Teslas, Apples, and Googles tend to dominate the tech news space—and for good reason. Still, the big guns aren’t the only ones bringing innovation to the sector.

In an effort to highlight up-and-coming startups, Built In The Future 5 is launching across eight major US tech hubs. Each quarter, we’ll feature five tech startups, nonprofits, or entrepreneurs in each of these hubs who might be working on the next big thing. Read our summary of new startups from last quarter here.

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Cryptocurrencies are becoming mainstream. Exchanges – like Coinbase and FTX – are used by millions of people, banks are developing blockchain-focused products and even teenagers are getting in on the action with special platforms just for them. However, gender diversity remains a prominent issue with digital currencies.

Dissporprit, Men are more likely to own crypto than women, according to a recent study from Morning Consult. The report found that 72 percent of all crypto owners are men and only 28 percent are women.

There are a number of reasons for this disparity, but Kendra Cole says it is largely caused by apps that were created and designed by men, for men. With her startup, The CryptoMom App, Cole hopes to create a platform for women to grow their wealth through crypto.

Cole came up with the idea for the app during the pandemic when she was working from home with her husband, a CTO at a fintech company. She heard him constantly using crypto-terminology and later began researching the subject. Finally, she created an account for a crypto exchange.

“I hyphenated my married name, but it did‘not necessarily match one of my bank accounts, which you need to be able to verify your identity. So I had challenges even just getting into the exchanges and once I got on I just felt it [user interface] wasn’t intuitive,” Cole told Built In.

With the CryptoMom app, Cole aims to solve the challenges she experienced and lower the barrier to entry for women. To do that, she worked with female UX and UI designers to create an investment app aimed at millennial women. Cole said this included crafting the app, condensing the user interface into a smaller footprint to accommodate smaller hands, and using larger text and softer hues to reduce screen fatigue.

Women need an opportunity where they feel confident in their investment decisions and can connect with other women who are on their crypto wealth building journeys.“

The CryptoMom app also has a different investment strategy than other crypto platforms. Cole said the app is not an exchange platform that promotes quick trading. Instead, women use the app to buy Bitcoin and allocate it to mutual funds and accounts like a 529 education plan. Bitcoin purchased on the CryptoMom app can also be given to friends and family through the platform. Later in the app‘s lifecycle, more coins will be available for purchase, according to Cole.

“Women invest in things they understand and know. They buy and hold for a longer period of time, and that makes women much better investors than men, Cole said.

Since founding the CryptoMom app, Cole has closed a round of funding for friends and family. The start-up was also part of the inauguration AWS Impact Accelerator and received mentorship from industry leaders.

The app is currently on a waiting list, but is expected to launch towards the end of the year. For the initial rollout, Cole plans to target millennial women through online publications with a predominantly female readership and partnerships with crypto education groups. The startup also plans to launch advertising campaigns with influencers.

“Women need an opportunity where they feel confident in their investment decisions and can connect with other women who are on their crypto wealth building journeys,” Cole said. “We‘is on a mission to close the crypto gender gap.”