WallStreetBets Founder to Launch Blockchain App to Combat ‘Market Manipulation’

Correction (12:10 UTC, Might 5 2021): Clarified that Rogozinski not has an official relationship with WSB.

The founding father of a Reddit group chargeable for rallying retail merchants towards giant institutional hedge funds is planning to launch a decentralized software (dapp) he says will assist deal with “market manipulation” in conventional finance.

Jaime Rogozinski, the founding father of the WallStreetBets (WSB) group has been working with blockchain and fintech specialists to create exchange-traded portfolios (ETPs) to “combat again towards corrupt establishments and to finish dependence on them altogether,” based on a press release on Wednesday.

Portfolios will likely be ruled beneath a decentralized autonomous group (DAO) group consensus inside which the dapp’s personal $WSB token will enable holders to vote on varied points.

If token holders want to change the burden and publicity of a specific inventory, they could accomplish that throughout voting cycles utilizing $WSB tokens to affect a specific portfolio, based on the discharge.

WSB grew to become a family identify this yr after attempting to stymie short-sellers on Wall Road by short squeezing them to “close to chapter.” Whereas the cryptocurrency and WSB communities could share some views in terms of conventional finance, all dialogue associated to crypto is at present banned on the subreddit. A WSB moderator mentioned the “negatives outweighed the positives” when it got here to discussing crypto as a result of because the subreddit primarily focuses on shares.

Importantly, whereas Rogozinski based the unique WSB group, he was eliminated by Reddit directors final yr for trying to monetize the group, a person accustomed to the corporate’s resolution mentioned.

The present group moderators mentioned that “this individual has had no relation to wallstreetbets over the previous yr.”

“The amalgamation of blockchain expertise with monetary markets is the following logical step for finance,” mentioned Rogozinski. “It’s going to lead to stronger, extra democratized markets and can empower people world wide.”