Shark Tank’s Mr Wonderful invests $100,000 in a Cryptocurrency buying app
In the most recent episode of popular reality T.V show, Shark Tank, An automatic cryptocurrency buying app that rounds up everyday purchases receives a $100,000 investment from the one and only Mr Wonderful.
Similar to an Acorns-like service for cryptocurrency, Bundil permits its users to invest their spare change from daily debit or credit card purchases into several cryptocurrencies like bitcoin core (BTC), Ethereum (ETH), Litecoin (LTC), and bitcoin cash (BCH), all of this is done through an automatic process.
The App rounds up transactions from normal spending to the nearest dollar and then invests in the preferred cryptocurrency of the users.
The founder of Bundil, Dmitri Love explained, in order to maintain security, the app does not keep hold of any user’s fiat or cryptocurrency, rather for handling all transactions it makes use of the Coinbase exchange. Through the App, users can also track their portfolio growth, and manage the holdings simultaneously without leaving the app.
During the most recent episode of ABC’s Shark Tank which aired on Sunday, October 21st, Dmitri Love, the founder of Bundle, got the chance of demonstrating his app.
And according to the requirements of the reality TV show, Love presented his app along with an emotional and inspiring story as to why and how he got the idea back when he was a biochemistry student at college.
Speaking about how he self-learned how to program while recuperating from a sports injury, Love 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.”
Love came into the show asking for $100,000 in exchange for 10 per cent equity stake of the business. The only shark to make him an offer was Mr Wonderful, Kevin O’Leary who offered him the $100,000 but asked to be an equal partner in the start-up.
At first, Love hesitated, saying, “50 per cent is quite a bit,” however seeing that no other deals where there on the table, he begrudgingly agreed to the deal.
Although this is not a completely new space for the sharks, as they are well aware of cryptocurrencies, so much so that the owner of Dallas Mavericks, Mark Cuban who eventually was concerned if central banks would actually let Bitcoin grow back in 2014 has gradually become more friendly towards cryptocurrencies, going all the way to announce that next year his NBA team will sell tickets for cryptos.
In the South African version of the show, the founder of Civic and Cryptocurrency angel investor, Vinny Lingham has been featured regularly.