Cryptocurrency and blockchain businesses continue to draw the attention of private investors despite the drop in coin prices. Recently an entrepreneur named Dmitri Love appeared on ABC’s “Shark Tank” and shared a simple business idea which could make investing in crypto assets simpler. Surprisingly he received $100,000 from Kevin O’Leary.
Here comes Bundil which automatically converts spare change to cryptos
Dmitri had been aiming to raise at least $100,000 during the episode of Shark Tank and wanted to offer a 10 per cent ownership stake in his startup company called Bundil – in exchange for the investment. According to its official website, Bundil platform aims to “allows [users] to automatically invest [their] extra change from everyday credit or debit card purchases into Bitcoin [and] other cryptocurrencies.”The platform allows users to select from popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
During the show, Love revealed that his crypto journey started three years ago when he was enrolled in a biochemistry-focused undergraduate study program at the University of Arkansas. He said that after sustaining a major knee injury while playing soccer, he was unable to take part in his favorite sport. It was at this time that his focus shifted to software design as he taught himself how to write code. While learning computer programming, Dmitri said he began thinking:
“I’m a web developer myself, and I wanted to invest in cryptocurrency, and my family also wanted to invest.”
In his words
“So they came to me and were like, ‘Dmitri, how do we buy this? What do we do?’ So 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.”
One of the main selling points behind Bundil is that users do not have to go through the technical process of actually purchasing cryptocurrencies. Instead, the platform allows users to pay for everyday purchases such as buying coffee or lunch – while rounding up their transactions to the nearest dollar and investing the spare change automatically into crypto for the user.
Kevin O’Leary, being impressed by the presentation of the idea and the future it holds offered Dmitri $100,000 in exchange for a 50 percent stake in his startup. Although the entrepreneur was not thrilled with the offer as he only wanted to offer a 10 percent stake, he still accepted O’Leary’s deal.
If Dmitri’s idea kicks off it would be a fantastic way to get people into cryptos, even the ones who do not understand the cryptogame. If adopted on a larger scale this will swell the number of people that hold cryptocurrencies and help in the wider adaption of cryptos.
Do you think Dmitri got a good deal for his idea or did Oleary made the most of it? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.