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Balancer Protocol, a popular automated market maker (AMM) has announced a partnership with WSBDApp, a blockchain-based trading app developed by the founders of the stock and options trading subreddit WallStreetBets (WSB).
Balancer Protocol Integrates With WSBDApp
The creators behind the WallStreetBets Reddit forum unveiled the launch of its Defi trading platform WSBDApp last week. A week later, the automated portfolio manager and liquidity provider Balancer Protocol announced on Sept 8. that it will be integrating with WSBDApp.
Under the agreement, WSBDApp’s decentralized exchange-traded portfolios (ETPs) will be launched on Balancer V2 to “further expand the possibilities of DeFi and increase crypto exposure to crypto-native and traditional investors alike.”
Just like any other exchange-traded portfolios (ETPs) or index fund, WSBDApp's ETPs on Balancer will create a carefully selected portfolio of tokens that are fully liquid, balanced to avoid inflation, and non-custodial.
By integrating with Balancer, WSBDApp is rolling out a basket of stablecoins backed by fiat money like the U.S. dollar, as well as tokenized commodities and cryptocurrencies such as Wrapped Bitcoin (WBTC), Wrapped Ethereum (WETH), and others.
Users of WSBDApp will now be able to connect their wallets to their Balancer Protocol portfolios and use fiat currency to purchase a token representing their holdings.
WallStreetBets Forays Into Crypto World
WallStreetBets is an investing forum on Reddit that suddenly shot to popularity at the beginning of the year after the community’s members coordinated the purchase of the GameStop (GME) stock. The event resulted in a "short squeeze" which lifted the price of GME shares by as much as 400% while causing bankruptcies for some of the Wall Street hedge funds.
Remarking on entering the launching ETPS with Balancer, BTCVIX, the anonymous CEO of the WSBDApp, said:
"The WallStreetBets community has something for everyone, and with democratic tools like ETPs, we're showing the world how financial markets should really be managed. Balancer is providing our community the data they need to access and evaluate these portfolios, enabling really educated financial decisions."