This new app is like fantasy sports for the stock market - and it's offering cash prizes
A new app called Vestly is essentially a fantasy sports app for stocks. You choose your portfolio by buying virtual stocks, and then rack up points based on its performance.This way, you can prove that you're a better stock trader than your friends without actually risking anything, Vestly explains in its notes.
At the end of every month, the top 100 portfolios will split $10,000, divvied up based on where they ranked, according to TechCrunch. Every six months, Vestly will roll out bigger prizes: like an Audi Q3 Quattro.So how does Vestly, which raised a $4 million seed round, plan to make money?
The company declined to elaborate to TechCrunch about its business model, but since there are no in-app purchases, Vestly much believe the data it accumulates on which stocks people pick is valuable.
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