Wrapstocks- Blockchain-Based Startup that Transfers Company Stocks
George Avsajanishvili, the CEO of Wrapstocks, was inspired to create the startup in 2019 when he was attending a conference about Ethereum in Osaka, Japan.
The conference participants focused on how volatile the crypto market is compared to the stock market. It was at this time that he came up with the idea of why stocks could not be included in the blockchain.
We had an interview with George Avsajanishvili to learn about the services the startup is planning to introduce on the platform:
''WrapStocks is democratized access to stocks, which lets anyone, from any country, buy any company stock, full stock or fractional one. Send this wrapped token to the decentralized private wallet of the customer. So if a customer wants to buy Alibaba Stock(BABA), he will get a Wrapped Alibaba token(WBABA). Wrapped stock is the blockchain token backed 1:1 with the real company stock. Completely transparent, 100% verifiable, and community-led. Users can trade wrapped stock on any decentralized exchange, and use it as collateral assets in DeFi. Wrapped Stocks owners can arbitrage on different DEXs and earn money from it,'' said the CEO of Wrapstocks.
What's the main goal you try to achieve with Wrapstocks?
Democratized access to stocks - Customers from any region and any social status can access shares(stocks) on Wrapstocks.
Arbitrage Opportunity - Creates the possibility to buy stock on one exchange and sell it on another one.
Fractional Stocks - have the possibility to buy stocks from 1$. For example, Apple stock price is 170$ and you can buy 1/700 of Apple stock.
Tradeable on DEXs - DEXs aims to offer lower transaction fees, let users directly hold their own assets, and avoid some regulatory burdens.
The Proof Of Ownership - Wrapped stock is part of a publicly distributed ledger, an entire network of users can keep track of their own material ownership.
Tell us about your team and run us through your working day.
Behind the project there is a team with years of experience working together in business and in the tech industry, we are crypto evangelists and we believe in decentralization.
George as a co-founder and CEO has fifteen years of experience of doing product and product design. He is a crypto evangelist and part of the crypto community since 2015.
Oto and I have 10 years of experience in the tech industry managing tech teams and moving from Web2 to Web3.
Oto and I have 5 years of experience working together on the same products, which are used in many countries with millions of users. So we know how to create the product.
Our managing advisor is George Shamugia who is the co-founder of the company Singular and did a multi-million exit a couple of months ago.
What is the platform's current stage of development, and what's ahead?
An MVP version of the site is currently running, where users can view up to 4,500 companies and information on their stocks. Our ultimate goal is to add buy/sell functionality so that anyone can exchange any company stock.