Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Watch here.

B21 has launched its free B21Life mobile app for Android and iOS to educate mainstream people about cryptocurrencies.

The company’s first app will educate newcomers about cryptocurrencies, the technology behind them, and the investment process. The app provides training courses, simple explanations of crypto terms, and a curated list of major news articles each day, all with the goal of accelerating mainstream adoption of cryptocurrency assets.

“As we are building the world’s largest community of crypto asset investors, we recognize that there is a large education and information gap in the market. Inexperienced investors need educational information to get comfortable with cryptocurrencies, and have put off investing due to its complicated process and the lack of quality information,” said Nitin Agarwal, cofounder of B21, in a statement. “The B21Life app aims to educate a broad community of potential crypto asset investors who are eager to get started. With B21Life, it’s all about crypto investing.”

This kind of app can make its way to the app store, even though the regulatory environment is cloudy. Apple banned cryptocurrency-mining iOS apps in June, and federal regulators have begun cracking down on initial coin offerings (ICOs). And, I have to say, cryptocurrencies such as Bitcoin and Ethereum have an uncanny ability to confuse people. It starts with the fact that you can’t buy them with cash, credit cards, or your ATM card. And you have to trust something called a digital wallet.

The B21Life app gets rid of over-complicated tutorials and controversial opinions so common in crypto content in favor of a simple, user-friendly approach, the company said. Along with accessing curated resources, B21Life users can interact directly with the B21 team to ask questions and share comments. B21 will bring experts from the crypto industry, as well as from the traditional finance industry, to this platform to share content and train users. The app itself is free to use, and users can also earn free B21 tokens, giving them discounts on fees when they use the B21 Investment app.

Are you going to pay with crypto?

Above: Are you going to pay with crypto?

Image Credit: Shutterstock

B21 is also developing B21Invest, a full-service, mobile-focused investment platform that takes the complexity out of cryptocurrency investing.

B21 will enable non-technical investors to create a diverse portfolio of crypto assets, including top tokens and altcoins voted on by the B21 community. Much like traditional investing apps and services, B21 will allow users to set goals, contribute funds, and track progress — all through an easy-to-understand dashboard. B21 will securely manage user portfolios, providing investors with key metrics on their portfolio performance.

B21 has applied for a custodial license to comply with governmental regulations covering protection of customer assets, segregation of customer and company funds, maintenance of robust and accurate transaction records, and cold storage of customer funds. By acting as a custodian, B21 eliminates the need for people to hold their own private keys. The company’s full data will be published transparently on the EOS blockchain.

B21’s token will be used as the only form of settlement between the B21 platform and users within the B21 ecosystem. The token will be used by investors to settle fees and incentivize and reward referrals to and engagement with the platform. It will also serve as a way for users to qualify for premium services. The B21 token is currently available in private presale.

VentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative enterprise technology and transact. Discover our Briefings.