Services that allow individuals to invest small amounts of money on a recurring basis have become popular in recent years, especially for young people. An automatic cryptocurrency buying app that rounds up everyday purchases has just secured a $100,000 investment on Shark Tank.
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Bundil Enters the Shark Tank
Bundil is an Acorns-like service for cryptocurrency. The platform allows users to automatically invest their spare change from everyday credit or debit card purchases into a number of cryptocurrencies including bitcoin core (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH). It rounds up transactions from normal spending to the nearest dollar, and invests in the cryptocurrency the users chooses.
For safety, Bundil doesn’t hold any of the users’ fiat or cryptocurrency, instead using the Coinbase exchange to handle all of the transactions. It also allows users to track their portfolio growth, and manage the holdings all without leaving the app. Its pricing plans start at just $2 per month.
The founder of Bundil, Dmitri Love, went on ABC’s Shark Tank during the latest episode of the show which aired on Sunday, Oct. 21, and presented the app.
Kevin O’Leary Takes a Big Bite
As required by the reality TV format, Love told an emotive and inspiring story about how he came up with the idea when he was a biochemistry student at college and self-learned how to program while recovering from a sports injury. “I thought, man, you know, anyone that’s trying to invest in cryptocurrency has to go through all these steps to try to figure out how to buy it. And I thought there could be an easier way for it to be done.”
Love asked for $100,000 in exchange for 10 percent of the venture at the start. Kevin O’Leary offered him the requested sum, but for a hefty 50 percent ownership of the startup. Love countered that “50 percent is quite a bit,” but begrudgingly agreed to the deal with the lone shark as the others were not interested in making counter offers.
Of course this isn’t the first time the sharks have heard about cryptocurrency. Mark Cuban, who was doubtful central banks would allow Bitcoin to grow back in 2014, has become much more open to the idea recently, even suggesting that his NBA team will sell tickets for crypto. Cryptocurrency angel investor and Civic founder Vinny Lingham has also been a regular on the South African version of the show.
Would you use a roundup app to automatically buy cryptocurrency? Share your thoughts in the comments section below.
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