Business 25 October 2018Erik Gibbs
Cryptocurrency makes it to Shark Tank, O’Leary accepts the challenge
An entrepreneur recently appeared before angel investors on the popular program Shark Tank, hoping to work a deal. The entrepreneur, Dmitri Love, was pitching a service that would allow users to purchase cryptocurrency with spare change. It may not seem like much on the surface, but those pennies add up over time. Love presented his idea and listened as each investor turned him down. Each investor except one. Kevin O’Leary liked the concept enough to put up some funds to see it move forward.
Love, a software engineer, explained to the investors how the idea came about. He said, “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.”
And, as Love has shown, there is. He created Bundil to give individuals the ability to purchase crypto by rounding up credit or debit card purchases to the nearest dollar—if the purchase is for a total of $9.95, an additional $0.05 goes to buying Bitcoin BCH, or BTC, ETH and LTC, whichever currency the user chooses.
Bundil won’t hold any of the crypto; it will be channeled through Coinbase and the user’s wallet. However, in addition to the purchases, Bundil does provide a platform so that users can see how their portfolios are growing and to manage their holdings.
I’m proud to announce my new mobile app, Bundil. You can invest your spare change from debit, and credit card purchases into cryptocurrencies of your choice! Bundil allows you to invest in a fun and hassle free way! Check us out at https://t.co/mL0G3JCJi9.#bitcoin #crypto #acorns pic.twitter.com/hnDEuiQCsV
— Dmitri Love (@Dmitrilovebrah) April 11, 2018
Love was hoping to attract $100,000 for a 10% share in the company. He listened as Lore Greiner backed out because she doesn’t believe in crypto, and then received a second rejection from Mark Cuban, who is already invested in a similar project. Daymond John believes that the market volatility makes any crypto investment an unwise decision and he also turned down the offer, as did Matt Higgins, the CEO of RSE Ventures, who appeared on the show as a guest judge.
O’Leary, however, agreed to make a deal. In his typical fashion when he decides to back a project, he was determined to set the terms. Instead of $100,000 for 10% of the company, he offered the same amount for 50%. With his back against the wall and no other offers on the table, Love, somewhat disheartened, accepted and the rest, as they say, will soon be history.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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