Bitpanda-network, Blockpits-Investment, Wajve-start

Devil’s advocate: cryptotax-startup Blockpit raised about nine million euros

The Linzer cryptotax-startup Blockpit raised about nine million euros. Here are my five devil’s advocate pointers:

  1. Vertcial product: established players can extend their product with the Blockpit features. Currently, they are partnering with Bitpanda (see below). In the long term, however, such trading platforms can integrate that as a feature or white-label it.
  2. Small market: even though the crypto market is growing steadily, it is still a niche.
  3. Legal challenges: Until the crypto market is established, there will be many legal challenges.
  4. No product focus: Blockpit offers tax return and portfolio tracking
  5. Failing developer team: According to LinkedIn, Blockpit has only a few developers working for it. In addition, parts of the product – the cryptocurrency tax – does not work (see screenshot below)

The Bitpanda network – partnerships

Here are all the partnerships Bitpanda has established so far

What can we see:

  • They are growing their offering through partnerships
  • Automated trading via bots is establishing itself as a trend (NapBots and Cryptohopper)
  • Bitpanda is establishing itself as a serious provider by partnering with Raiffeisen Bank International

The good and the bad with wajve

wajve is building a finance app for Gen Z. Their promise:

  • Understand finance in seconds
  • Grow your money daily
  • stay liquid even at the end of the month
From their website

The good

  • Experienced founders: Bastian Krautwald and David Meyer founded “deineStudienfinanzierung” together
  • Very good benefits (understanding finances, growing money and managing expenses).
  • Coaching apps are fundamentally useful (see Adidas Running, for example)
  • Compelling vision: “We have the ambition to become the strong financial partner for Gen Z across Europe with Wajve,” (Bastian Krautwald, Business Insider)
  • Customer focus (Gen Z)

The bad

  • Features unclear. What does wajve do exactly?
  • Unsolvable problem. While the above benefits are good, they are nearly unsolvable problems
  • How profitable is their target market (18 to 25 year olds) and how can they keep them long-term?
  • Broad topic-focus; (understanding finances, growing money and managing expenses)
  • Regardless of the promised benefits and targeted marketing; banking is somethinig inherently uneappealing

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