Social Network as a Financial Tool: Startup Plans to Change Traditional Investment Models
The company says that, by using social networks and tokens, users can gain access to premium investment services and products.
The startup aims to start a “financial revolution” by creating its own social network, where users can earn tokens and spend them by hiring top investment professionals and investing in the products and services they choose. The idea of the Huddl project is to break the traditional investment model, in which the company says that premium products are available only for wealthy people or for institutional investors.
The Huddl team says the main reason that motivated them to build the platform was the loss of trust in traditional financial services and social networks, and the lack of utility in current blockchain and decentralized application structures.
Huddl wants to give regular users access to such premium investment opportunities like commercial real estate, private banking, hedge funds, pre-IPO stocks, investment management and wealth planning. Normally these high-risk asset classes are not available for the general public, and mainstream investors have to pay much higher fees than institutional ones.
The Huddl team offers a way to gain access to these premium investment services and products by becoming a member of Huddl’s own network. The members share their investment preferences and examine the different strategies that are offered within the platform. They can invite friends, relatives and people they know to form an online community or a dynamic investment pool, which Huddl calls a “pod.” Together, the pool members define the purpose of the investment, agree on the rules, choose the investment strategy, invest their capital and spend their tokens for the goal that they choose. For example, a family can jointly invest for retirement or smaller things, such as a friends vacation. The pod can also invite highly skilled financial professionals to manage their investment program.
The pools vary according to their size: from pods (the smallest unit in Huddl network) to “clusters,” which can include multiple pods with shared interests in strategies and investments. According to the company, this system allows Huddl users to pool their money together and increase their collective buying power for gaining access to premium investment opportunities while fully controlling how their capital is managed.
Within the Huddl network, users can share their ideas and ask for help from advisors and managers. “Through social clusters and collaborative idea sharing, individuals are empowered to form their own investment vehicles and have them managed by top private wealth advisors,” says Huddl Founder and CEO Stephen Corliss.
The Huddl network is based on blockchain technology. The users can earn their first tokens by joining Huddl — they get rewarded for bringing new users and adding value to the network, as well as for inviting friends and family to become members. The startup also notes that there is a special social program embedded in the system, which allows every community member to benefit from the growth of the platform.
Additionally, the users can earn Huddl tokens by interacting, contributing to the teams as a manager or a coordinator, and by investing. The digital currency can be spent on unlocking investment services at “deep discounts,” which Huddl promises to arrange.
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