eToro pro investor Zechariah Zheng and Sam Wong, previously CTO and Solutions architect, have created Notadvise.Financial with the purpose of bringing clarity and transparency to the financial market.
The platform will work by verifying the accounts of instructors, gurus, influencers, and other purported professionals in the space using Soulbound tokens and access to an API, Coin Journal learned from a press release.
A safe haven for social media users
Notadvise.Financial will help users find out which influencer or creator actually knows their stuff and who is only selling courses. The platform achieves this by checking the balance and performance in the brokerage accounts of the financial experts.
Its purpose is to guarantee access to trustworthy information, reliable accounts, and solid advice.
Zheng is one of just nine so-called Elite Pro Popular Investors, an honorable title reserved for the best investors on eToro. He said:
I have seen many ‘gurus’ try their hand on eToro, and because it’s impossible to lie about your investment performance, most fail.
Industry grew to $16.4b this year
People have never had as many incentives to become influencers in the financial and crypto sector.
This industry has grown almost 16-fold in the last six years, reaching $16.4 billion this year, according to the 2022 Influencer Marketing Benchmark Report. It has drawn a lot of fake gurus, fraudsters, and impostors.
Select info is encoded into tokens
Notadvise.Financial is built on the Polygon Network. Creators can transfer their read-only API credentials to it, and the platform will encode selected information into a Soulbound token.
The results will be visible across the board, according to Sam Wong, tech lead and co-founder of Notadvise.Financial. The platform will support several different integrations at the beginning, such as Interactive Brokers and Binance for the beta.
According to Head of Operations David Lew, they want to do a beta test for feedback on current platforms before extending the number of integrations.