Also, does this constitute financial advise? That’s also a big no no in the USA. The CoinTracker guys (current yc batch who make an app for tracking crypto) mentioned that as a reason for not offering a portfolio management product right out of the gate.
Also doesn’t stripes terms of service basically prohibit this? I bring this up because in the interview they say the following:
“What platform/tools do you use for your business?
Stripe for payments”
This is what Stripes TOS says:
“By registering with us, you are confirming that you will not use the Service to accept payments in connection with the following businesses, business activities or business practices.”
“Virtual currency that can be monetized, resold, or converted to physical or digital products and services or otherwise exit the virtual world (e.g., Bitcoin); sale of stored value or credits maintained, accepted and issued by anyone other than the seller ”
https://stripe.com/ca/prohibited-businesses
I think this is a cool idea, I’m just not sure if they are going about it in a compliant way. If they are doing the right thing they should stick a FAQ up on their launch page ASAP.
Assuming they are doing this legally I’d also love to know how they are handling taxes when they buy these 100 currencies. I.e when you buy alts using eth/btc that’s a taxable event. How do they factor that into the pricing.