During Sunday's (October 22nd) episode of ABC's "Shark Tank," an entrepreneur named Dmitri Love shared a simple business idea - which seems to make it a lot easier, or convenient, to invest in crypto assets.
Kevin O’Leary, the chairman at O’Shares exchange-traded-funds (ETFs) and ‘Shark’ on ABC’s ‘Shark Tank’, an American reality TV series that features entrepreneurs pitching their business ideas to investors, reportedly invested “six figures” into Dmitri’s crypto investment idea.
Dmitri had been aiming to raise at least $100,000 during Sunday’s episode of Shark Tank, and wanted to offer a 10 percent ownership stake in his startup company called Bundil - in exchange for the investment.
According to its official website, the Bundil platform aims to “allows [users] to automatically invest [their] spare change from everyday credit or debit card purchases into bitcoin [and] other cryptocurrencies.”
Automatically Converting "Spare Change" Into Crypto
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 take part in his favorite pastime.
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.”
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.
When trying to explain his business idea to Shark Tank’s judges and investors, Dmitri appeared to be a bit nervous as he stumbled over his words. However, he managed to collect himself and was able to clearly convey the concept behind Bundil.
$100,000 For A 50 Percent Stake
As mentioned, users of the Bundil app will be able to invest spare change from their daily purchases into popular cryptocurrencies such as bitcoin (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).
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.
O’Leary 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.