Another way to approach cryptocurrencies. The Italian start-up Young Platform, founded in 2018 by six students from Turin, wants to export its model aimed at gamification in France.
With its one million users and its transaction volume of 200 million euros by the end of 2021, Young Platform is convinced that it has the necessary assets to address the French market. “Interest in these themes is 40% higher than in Italy, but the French market is very BtoB and does not meet our goals” advances Ambroise Helaine, international manager of France of Young Platform.
A plan in three steps
This goal is the 18-25 year olds that Young Platform wants to flirt with through a three-step process on its ecosystem of applications:
– The Young Platform Step application allows users to be flooded with sound utility token, YNG. They can get it through cryptoasset quizzes or just by going after connecting their pedometer to the app. When comfortable, users can fictitiously test market volatility by trying predictions about the evolution of a cryptocurrency. If it goes well, they will be rewarded again in YNG. A way to get started and understand the key concepts of risk-free cryptocurrencies.
– Young Platform is the platform forexchange fintech, which lists about forty cryptocurrencies that can be sold or converted to YNG. The YNG course – posted on the platformexchange for just over a week – currently following a downward but expected trend, according to Ambroise Helaine. “YNG was introduced 4 years ago, the first users of the application want to realize their investmentshe says. It is also a period of market volatility, which reflects induced volatility, but outside of high levels compared to other cryptocurrencies such as Ethereum, which has lost two thirds of its value. We always do better than the market. ”
– Young Platforme Pro is the professionalizing fintech option that provides access to a larger panel of cryptocurrencies and to tools that drive the transition from long-term positions to intraday trading.
Thanks to this triptych, Young Platforms wants to gradually overcome the reluctance of its young target audience in financial education issues. “Cryptoassets is still a domain reserved for a limited communitythinks Ambroise Helaine. The gap for easy adoption is not technological, but educational, because the concepts are complex and developed by a small number of people who have this technical ability. “
Fundraising to promote broadcasting in France
After an initial fundraising frog in June 2021 at 3.5 million euros, the start-up achieved its second in series A of 16 million euros, which will be invested with 25% in its rollout in France. The Italian management company Azimut was the largest contributor and contributed 11 million euros. If France is the current priority for Young Platform, fintech is already considering expanding to other countries. It expects the support of its institutional investors to strengthen its solidity towards players who start themselves off on the simple promise of the usefulness of a polet.
Young Platform is currently claiming 100,000 beta testers in France. The exchange part is not yet available, as fintech is in the process of registering as a digital asset service provider (Psan) with AMF. A mandatory process, but also a way to prepare for the aftermath of the impact of AMF standards in other European countries.
The start-up has not encountered the difficulties of accessing banking services normally experienced by Psan, which is establishing itself in France. It has actually used services from the bank Delubac & Cie, which itself was recently registered as Psan.