Automated micro deposits round up purchases to the next dollar to buy, secure and store digital assets on a user’s chosen exchange
Herndon, VA, May 07, 2020 (GLOBE NEWSWIRE) — The Center for Innovative Technology (CIT) today announced that CIT GAP Funds has invested in Richmond, Va.-based RoundlyX, a digital asset wealth management platform. RoundlyX’s core service is an automated spare change roundup tool that buys digital assets on behalf of users. RoundlyX is helping average people who may be interested in digital assets such as Bitcoin, but do not know where to start, invest responsibly. Capital from the GAP Funds investment will be used to scale the application, integrate curated news and analysis feeds into the RoundlyX dashboard, and expand internationally.
RoundlyX enables users to invest in digital asset portfolios by rounding up their everyday purchases to the nearest dollar each time they swipe their debit or credit card. An investment portfolio through RoundlyX can be just Bitcoin or a diversified portfolio of many more digital assets, and if someone wants to invest more, they can easily add a round up multiplier. Users can take a “set it and forget it” approach with automated investing that targets their preferred digital assets. When enough roundups accumulate, a buy is executed and held in the user’s exchange account.
“In the early 1980’s, Baby Boomers began to choose stocks over bonds. History is repeating itself, as millennials are increasingly interested in digital assets over stocks. Millennials are five times more likely than older adults to invest in Bitcoin, and RoundlyX hopes to play a role in helping new investors save for their future,” said Andrew Elliott, Co-Founder of RoundlyX. “We are grateful for the support of CIT GAP Funds, and look forward to the opportunity to work with them as we expand both our team and software integrations, creating safer exposure for investors to a once-in-a-generation asset class.”
The RoundlyX software-as-a-solution (SaaS) platform leverages established exchange infrastructures, including Voyager and Coinbase, to improve the overall experience of exchanges by providing a universal interface. The toolset uses end-to-end encryption to calculate roundups with read only access to checking accounts or bank cards. Buys are executed with a chosen funding source and chosen exchange, which are all contained in the exchange, secure and insured.
RoundlyX also offers access to the portfolios of experienced analysts, which users can view and mirror to be their own. Analyst portfolios are ranked by returns, so RoundlyX users can always see which portfolios are performing best. In addition, users can subscribe to analyst content and trade alerts to make more informed investing decisions.
“You don’t need to be a cryptocurrency expert to invest responsibly, and Dollar Cost Averaging (DCA) is a proven, responsible strategy to build a digital asset portfolio,” said Alex Euler, Investment Director of CIT GAP Funds. “RoundlyX has an experienced, innovative leadership team with a strong vision to build a global, full spectrum digital asset financial services platform. We look forward to being part of their journey to execute these goals.”
The RoundlyX platform provides a universal software as a service (SaaS) toolset that connects to existing digital asset exchange infrastructure. With RoundlyX, users can manage their digital asset portfolios via one dashboard with access to tools such as Roundup Investing, curated content, and aggregated services. For more information, visit https://www.roundlyx.com/.
About CIT GAP Funds
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds’ investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.citgapfunds.org.
About the Center for Innovative Technology (CIT)
Investing in Virginia’s Growth | CIT concentrates on the early commercialization and seed funding stages of innovation, helping innovators and tech entrepreneurs launch and grow new companies, create high paying jobs and accelerate economic growth throughout the entire state of Virginia. Founded in 1985, CIT accelerates next generation technologies and technology companies through commercialization, capital formation, market development initiatives, and expansion of broadband throughout Virginia. Our programs include | CIT GAP Funds | Commonwealth Research Commercialization Fund (CRCF) | Virginia Founders Fund | Broadband/Rural Broadband | Smart Communities | Cybersecurity | Unmanned Systems | SBIR/STTR Support (Small Business Innovation Research (SBIR) & Small Business Technology Transfer (STTR) programs) | University Partnerships | Startup Company Mentoring & Engagement. CIT’s CAGE Code is 1UP71. Contact: 2214 Rock Hill Road #600, Herndon, VA 20170 | 703.689.3000 | www.cit.org | You can also follow CIT on Twitter, LinkedIn, and Facebook.
CONTACT: Dan Warren LaunchTech Communications 443-977-9638 [email protected] Sara (Pomakoy) Poole Center for Innovative Technology (CIT) [email protected]