Kevin O’Leary Invests $100,000 in App That Converts Spare Change to Crypto – Crypto News Today

Cryptos and bitcoin are gaining more popularity in the mainstream media. The latest episode of “Shark Tank” from ABC gave cryptos an audience when a crypto entrepreneur found a way to reach traditional investors. Kevin O’Leary also invested six figures as well.

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The entrepreneur offered them a mobile software solution called Bundil. It allows users to invest cryptocurrency on a micro level and he gave a 50% stake for $100,000. Bundil CEO, Dmitri Love walked into the show on Sunday and sought $100,000 in exchange for a ten percent stake in the enterprise.

Inspiration for Bundil

Love started his journey three years ago during his stay in the University of Arkansas. He was studying biochemistry, and he had a severe knee injury from playing soccer. While he was in recovery, Love started to learn how to code and in time, he became a software engineer.

This was where the inspiration for Bundil started. Love Said,

“I’m a web developer myself, and I wanted to invest in cryptocurrency, and my family also wanted to invest,” Love explained to the sharks.

When he was approached about easy ways to invest in crypto, and he wanted to help. His pitch in “Shark Tank” was shaky, and his words were repetitive, but the Sharks encouraged him to pitch on. And he did.

Features Of the Bundil App

This app tracks and learns the spending habits of its users. Also, it takes spare change from daily purchases into a crypto investment you prefer. Lots of people have habits of storing spare change in a jar and forgetting it. They don’t think about the coins until they are deposited. Bundil does the same thing, but it works with cryptos as Dmitri explained.

The app picks up spare change from the user’s debit and credit card transactions. This change is micro invested in any cryptocurrency you prefer. So this means that you are still storing spare change, but in this case, you’re investing it.

It is a subscription-based app that charges one $3 per month and $24 per year.

A practical example is buying dinner for $27.65, and the app rounds it up to $28 while the 35 cents is invested. It doesn’t throw the change into a jar but tosses it into cryptos which will yield value over time.

This app lets users automatically invest spare change from their debit or credit card purchases. The available currencies include Bitcoin, LiteCoin, Ethereum and BitcoinCash.

Problems with such micro investments

Another point of concern for investors is that close to eighty percent of micro-investment firms fail in the first three years because of market volatility. However, O’Leary sees a future in it as he operates another business like this.

Most of the sharks had questions about the idea. Lori Greiner didn’t buy it because he doesn’t believe in cryptos generally. Mark Cuban had already invested in a similar company, and Daymond John had concerns about volatility.

Cuban previously invested a whopping $250,000 in a crypto app that pays off student loans from spare change called ChangED.

 

 


SEE ALSO:   Is McDonald’s Ready for Blockchain?

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