TEMPE, AZ (3TV/CBS 5) -- A new social investing platform just launched that allows users to see what people are buying and selling in the stock and crypto markets. PersonaFi already has thousands of downloads, according to company founder Ken Mooso.
"It connects to any trading platform, both stock and crypto, allowing friends to share what stocks they buy and sell," Mooso explained.
Mooso used to be a financial adviser, but says investors are changing their strategies and he wanted to be part of it.
"Through the pandemic, as we know, tens of millions have flooded into the stock market and their primary form of research is social media. It’s Facebook, Twitter and Reddit," Mooso said. "The problem with social media is that you don’t know who to follow, and this is where you’re reading comments and you don’t know are they really doing what they say they’re doing."
"We remove the ambiguity and allow the user to understand what is the other person’s strategy," he added.
From PersonaFi's dashboard, users can see their own portfolios and choose who to follow.
"It's similar to Twitter," Mooso said. "As we develop the application, the future vision of what we want to do is to really help you decipher who is that person that you want to follow? It’s not just knowing what they’re holding, but how well do they perform, and what is their strategy, what are they trying to do? We’re going to help them have almost the lens of the professional in finding the right people to follow."
The app is currently available on iOS and is free to download and use. Mooso expects users will ultimately pay for premium content. Mooso also said the app uses bank-level security, where everything is encrypted and passwords and private information are not stored.