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.
And you can also win real money.
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.