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WallStreetBets Founder to Launch Blockchain App to Combat 'Market Manipulation'
The original founder of WSB is launching a blockchain app featuring exchange-traded portfolios decided by community consensus.
Updated Sep 14, 2021, 12:50 p.m. Published May 5, 2021, 9:52 a.m.
Correction (12:10 UTC, May 5 2021): Clarified that Rogozinski no longer has an official relationship with WSB.
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The founder of a Reddit group responsible for rallying retail traders against large institutional hedge funds is planning to release a decentralized application (dapp) he says will help tackle "market manipulation" in traditional finance.
Jaime Rogozinski, the founder of the WallStreetBets (WSB) community has been working with blockchain and fintech experts to create exchange-traded portfolios (ETPs) to "fight back against corrupt institutions and to end dependence on them altogether," according to a press release on Wednesday.
Portfolios will be governed under a decentralized autonomous organization (DAO) community consensus within which the dapp's own $WSB token will allow holders to vote on various issues.
If token holders wish to change the weight and exposure of a particular stock, they may do so during voting cycles using $WSB tokens to influence a particular portfolio, according to the release.
WSB became a household name this year after attempting to stymie short-sellers on Wall Street by short squeezing them to "near bankruptcy." While the cryptocurrency and WSB communities may share some views when it comes to traditional finance, all discussion related to crypto is currently banned on the subreddit. A WSB moderator said the “negatives outweighed the positives” when it came to discussing crypto because as the subreddit primarily focuses on stocks.
Importantly, while Rogozinski founded the original WSB community, he was removed by Reddit administrators last year for attempting to monetize the community, an individual familiar with the company's decision said.
See also: What Really Happened When Robinhood Suspended GameStop Trading
The current community moderators said that "this person has had no relation to wallstreetbets over the past year."
"The amalgamation of blockchain technology with financial markets is the next logical step for finance," said Rogozinski. “It will result in stronger, more democratized markets and will empower individuals around the world."
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