Nigerian startup ComiBlock has launched a goal-based investing crypto robo-advisor, giving anyone with a smartphone access to planning tools, advice, curated and thematic crypto-portfolios.
Launched in February, ComiBlock uses technology to help its users become better crypto investors.
“We measure progress by helping our users achieve specific life goals, rather than generating the highest possible portfolio return or beating the market. We also do things like automatic rebalancing and crypto tax-loss harvesting, services that were only available to the ultra-rich until now,” founder Dennis Ejimnkeonye told Disrupt Africa.
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“We believe that as cryptocurrency matures as an asset class, a purpose-built financial ecosystem is needed, mirroring the traditional equity and fiat investment markets. The gap we saw was a fundamental and neglected opportunity.”
The bootstrapped ComiBlock is planning a pre-seed round of financing to bring more talents onboard.
“We have built a solid five-month track record, generating more than 210 per cent net return since inception, without experiencing a single down month even during the market crashes,” said Ejimnkeonye.
“Uptake has been very stable and rapidly growing – though we are still in private beta, the referrals are coming in fast. We have controlled our growth to enable us to achieve a solid product-market fit first before we’re still opening up, but anyone can join with an invitation from an existing user.”
ComiBlock is Africa-focused for now, but looking at a global scale.
“We’re currently exploring a strategy around compliance and regulation. Though the Security Exchange Commission in Nigeria has given some clarity around robo-advisory and crypto, we are looking more outward with compliance, which gives us an edge in the global outlook,” Ejimnkeonye said.
“So far, none of the major robo-advisors globally include crypto in model or automated portfolios, only a couple allows customers to trade crypto on the side.”