The Tokenist recently had the pleasure of engaging in an in-depth interview with Billy Roberts, CEO of Wedge, a company on a mission to remove the friction between trading and investing, and make the stock market work for the average retail investor.
Wedge lets you spend any asset, anytime
Wedge envisions a world where assets could be seamlessly accessed by investors at any time. It aims to encourage investors to create better financial habits by allowing their investments to become more flexible.
We caught up with Billy Roberts, CEO of the company, to discuss how Wedge could change the way investors view assets in the digital age. Our conversation focused on how Wedge could be used today and where it could go in the future.
Token: We know Wedge but would like to know more. What exactly is Wedge’s unique value proposition and how do you provide such a service?
Billy Roberts: What really sets Wedge apart is its unique ability to let users spend with just one smart debit card, using any asset (stocks, bonds, crypto, EFT) or money from accounts current banks connected to their “Wedge wallet” in the way that suits them best.
Wedge’s ability to create this simplified choice means that, functionally, users can buy lunch with bitcoin and go to an ATM and withdraw cash for groceries that was only seconds before stock in a company like Tesla. And to go even further, users seamlessly take advantage of micro-arbitrage opportunities every time they make a purchase. To date, Wedge users have earned over 10% on their purchases by being able to capitalize on this new feature.
Those who use Wedge quickly and seamlessly add it to their daily spending habits, using the card just over twice a day on average for everyone’s groceries, gas, restaurants and other goods and services. days, with 63% of transactions carried out with an asset (vs. cash).
Token: Your website mentions that users can “spend any asset”. How exactly does it work with assets such as stocks or bonds?
Billy Roberts: What we’ve done with Wedge is take the most useful components from a variety of fintech apps and bring them together into one intuitive app connected to a single debit card.
Now you can buy and sell over 4,000 stocks and cryptocurrencies and store them, along with your money, in a single “wallet”. When you swipe your Wedge card, a notification that lists all of your assets appears and gives you a very clear indication of how much you could earn by using any of your asset types for purchase instead of cash.
So it’s easy, just select the asset you want to use (or just choose to use cash) and Wedge handles all trading in the background and turns that asset into cash that can be used for trading. purchase.
Token: If a user were to sell their assets to pay for transactions, there would naturally be tax implications. Does this create a potential problem for users?
Billy Roberts: It can, yes.
Most asset sales made through Wedge will generally be considered short-term gains, as they would with any other retail investment/crypto exchange app. Wedge however takes a very proactive stance on tracking a user’s cumulative wins throughout the year with detailed monthly statements and real-time win/loss tracking through the app. At the end of the year, users receive a consolidated 1099 for their stocks and crypto, making tax reporting as easy as possible.
Token: What cryptocurrencies does Wedge currently support? Are there any plans to add more assets in the future?
Billy Roberts: We currently support BTC, ETH, BCH, BSV, COMP, DOGE, ETC, LTC, MATIC, SHIB and SOL. We are constantly updating our list of supported crypto types based on their relative market capitalizations, functional liquidity through exchanges, and advice from our compliance team. Our goal is to support types of crypto that we believe do not pose disproportionate risk to our users in terms of their ability to be supported and traded on the marketplaces.
Token: Diamond hands are a very common investment “philosophy” these days – in some circles – although most people save for the long term. Is there really a market for people using assets to pay for goods and services?
Billy Roberts: Absolutely. One thing to note with Wedge is that it does not inherently replace diamond accounts or long-term investment strategies. Through Wedge’s liquidity engine, we are able to bring additional new capital to the markets in a way that allows trades to use stores of value.
In this sense, Wedge is a complement to these longer-term strategies. In other words, keep your diamond accounts where you have them, but consider putting a 5-10% buffer on your bank account to make the market work in a way that suits you.
Token: We also saw that Wedge offers a debit card. What are the benefits of using your debit card over a traditional bank-issued debit card?
Billy Roberts: We’re on the debit card track, but it’s hard to simply classify Wedge as an alternative to a traditional checking account debit card. What’s really unique about Wedge is its ability to create a one-to-many relationship between the card and funding sources. So, with the Wedge card, you can connect multiple checking accounts to one card (and/or use a checking account with our sponsor bank), but also have the card connected to all your assets (stocks, bonds, crypto, EFT , etc.).
With the Wedge Card, you can seamlessly pay using any of the connected funding sources in a way that works best for you. Plus, you get credit card-like rewards with the Wedge Card, giving users the opportunity to earn cash back while recognizing big earnings with every purchase.
Token: How does Wedge compare to a traditional savings account?
Billy Roberts: Eh, quite substantially. With Wedge, our users can create new checking accounts and hold money, but we are more of an aggregator of different financial services tools, united by a single debit card, allowing users to get more for their money.
Token: What is Wedge Ranking?
Users unlock new rewards and climb the (anonymous) leaderboard as they send and earn with Wedge. This creates a community where users can see how their portfolio is performing compared to other users. The cool part is that it also allows users to see how they might better balance their portfolios over time to extract the best returns on their spending.
The Wedge Leaderboard is a great tool for those looking to better maximize their titles by easily seeing their success using Wedge to its full potential. And it’s a really fun way to compete with your friends and family while using the app.
Token: How does Wedge help users save and invest better?
Wedge users have the ability to split-trade the markets. They also get visibility into the markets and their performance every time they spend. Essentially, Wedge teaches users about the markets in a truly engaging way – rather than having to compete for someone’s time to teach them, they get a touch point every time they swipe their card. Additionally, Wedge works best for users who set up small recurring investments in their basket of assets and allow the system to average them out to market responsibly.
I believe that Wedge offers a real paradigm shift for many people, especially those who were drawn into the markets during the coin rage and quickly saw that the markets weren’t working for them. With Wedge, we focus on solid strategies, rather than encouraging our users to come and fight in the Thunderdome.
The Tokenist would like to thank Mr. Billy Roberts for his time and allowing us to take a look at the vision that Wedge is building toward.
Do you think the Metaverse is already here and will soon be part of our daily lives? Let us know in the comments.