Everybody wants to invest in this new digital asset class, cryptocurrencies, yet nobody has any idea how. Ambo aims to solve all that problem, and many others with its upcoming mobile wallet. Started by Jai Bhavnani and Richter Brzeski, the two friends wanted to help everyone easily invest in the cryptos that they heard about on the news.
“Ambo is a lot of different things but above all aims to be the bridge between complicated cryptocurrency projects and people with a non-technical background,” said Richter Brzeski.
The platform offers the user an opportunity to hold their assets. Yes, on an exchange like the NYSE you technically “own” your stocks but you don’t actually “have” them. If a centralized exchange gets hacked, the funds are lost and a user can only hope that the exchange has insurance. On Ambo, the user is completely in control and their funds will be completely secure.
According to its website, Ambo offers investments in over 150 different tokens which towers over Coinbase’s 7 coins. Additionally the platform offer users the ability to purchase market predictions, powered by Augur which currently has over $1,500,000 in orders. Most recently, the platform garnered lots of interest for its prediction surrounding the fate of the United States’ Midterm Election which managed to raise over $1,000,000.
Ambo wants to be the flagship product for the next generation of finance. It is working with numerous other financial products to offer new and interesting opportunities to its users. One example of this is the team is working with Request Network (raised $30,000,000 in an ICO) to help bring Paypal-style payments into their app. In discussions with Jack Lipstone, CMO, he is leading the team’s efforts on a “secret project,” and claims there are many exciting things to come.
The wallet space is crowded to say the least, with Binance’s Trust Wallet led by Viktor Radchenko and Coinbase Wallet led by Siddharth Coelho-Prabhu. However in discussions with Jai Bhavnani it is clear that the team is under the belief that those projects are fundamentally flawed. Whereas those projects rely on other developers to build out the entire app’s experience, Ambo developers actually build out the entire app, ensuring that everyone can use it. The team is taking an interesting perspective on the ecosystem, abstracting all the technical difficulties away in favor of a product that will be able to be used by all.
In discussions with the team, they are expecting to launch Ambo by the end of the year. They are working to expand Ambo beyond just wallets with the goal of helping bridge the gap between cryptocurrencies and non-techies. Jai recently handed over the responsibilities of the iOS app to Brett Fazio so that he could focus on “the bigger picture.” Additionally Jai recently brought on board Zane St. John to help lead the web development efforts, for what we can expect to be a web version of Ambo.
With the team’s combined background for working with companies like Netflix, Bain & Company, Lockheed Martin, and Salesforce, it will be interesting to see how the competition plays out between this and the other wallet products in the space.