It seems like 2018 has been the year of widespread recognition for cryptocurrencies. The year where investors, governments and normal people alike finally got interested in the crypto world.
Even though the markets crashed from their all time highs since December last year, interest and activity has only risen as cryptocurrencies and blockchain technology are being touted by many as the next big thing.
Crypto is even being featured on shows like Shark Tank now. For those of you who don't know, Shark Tank is a popular reality TV show where entrepreneurs come seeking investment from a panel of investors.
In last week's episode, Dmitri Love, the creator of Bundil, an app that allows you to invest in cryptocurrencies, got a deal from non other than Kevin O'Leary.
Bundil - Investing With Spare Change
Dmitri said that everyone is talking about cryptocurrencies but not everyone really knows what they are talking about and that nothing is harder to invest in right now than cryptocurrencies.
That's because it's a new concept and the tools that are present aren't that user friendly like most of the other products and services that have been perfected over the years and we are accustomed to use.
That's why he created an app called Bundil, that allows you to invest little by little with your spare change. The way that it works is that, every time you buy something, let's say a coffee, the app rounds off the amount and invest the rounded off amount into a crypto of your choice.
So, let's say your coffee costs $1.5. The app would round it off to $2 and invest the $0.5 in one of the cryptocurrencies that it supports and that you preset. Currently the app supports Bitcoin, Litecoin, Ethereum and Bitcoin Cash. Also, the service costs $24 a year if you pay for the whole year at once.
I was hoping that Mark Cuban would be the one to invest in this deal but he backed out as he was already invested in some similar services. The rest of the sharks quickly dropped out as well, but Kevin O'Leary seemed interested.
He gave a typical "O'Leary" deal to Dmitri, offering $100,000 for a 50% partnership. Dmitri had come seeking the $100,000 for 10%, so that was quite a devaluation.
O'Leary talked about how he could fail in 36 months if the customer acquisition costs aren't sustainable and that he could help in that regards with all his experience in the financial industry.
Dmitri didn't seem too pleased with the deal as he was giving away half his company but ultimately agreed. It will be really interesting to see apps and services like this crop up, as the 'normal folk' begin taking interest in the crypto world and start getting their feet wet. Mass adoption is only a matter of time now.
Image credits for thumbnail: CNBC.com
Image credits for last image: ABC