Small investments can sometimes offer you big returns. You never know which investment might turn out fruitful! Cryptocurrency roundup application Bundil is based on the same concept. Yesterday, Bundil, developed by Dmitri Love, managed to raise an investment of $100,000 on Shark Tank from Kevin O’Leary.
The idea behind the Bundil application is quite simple. It allows people to convert their spare change into cryptocurrencies. The app rounds up every transaction made over your Credit Card or your Debit Card, rounds it up to the nearest dollar and purchases cryptocurrencies using the change. Bundil can convert that change to Bitcoin, Litecoin, Bitcoin Cash or Ether.
Bundil raising $100,000 sounds like quite a success story, but the app faced a lot of resistance too. Most of the ‘sharks’ were not interested in the application. Lori Greiner doesn’t approve of cryptocurrencies, Mark Cuban had already invested in a similar project, Daymond John wasn’t convinced about the volatile nature of cryptocurrencies. However, Kevin O’Leary was interested in the project and announced an investment of $100,000 in the project, in exchange for 50% ownership in Bundil.
Upon being asked for 50% of his company, Love looked visibly upset, but agreed to the deal after saying: “Fifty percent is quite a bit.” Daymond John, another popular ‘Shark’ of the show made a remark that Love doesn’t look too happy with this deal. Adding that “he looks miserable.” However, regardless of the 50% condition, this $100,000 deal did take place. John pointed out that O’Leary has had such deals in the past too, including the one with the owner of Wicked Good Cupcakes in Season 4 of Shark Tanks. To this, O’Leary retorted that Love should hope this deal turns out that way too, because she (the wicked good cupcakes lady) is a millionaire now.
O’Leary Tweeted:
...and @TheSharkDaymond can laugh all he wants but that "cupcake lady and her daughter" have made more money with @wkdgoodcupcakes than they know what to do with since #sharktank! It was an amazing deal for everyone involved!
— Kevin O'Leary (@kevinolearytv) October 22, 2018
The idea of this app isn’t really unique or innovative, because there have been multiple such applications in the past. Most notable of which has been ‘Lawnmower’, an app that allowed users to purchase Bitcoins using their spare change - and it later expanded to allow users to purchase other sorts of blockchain assets as well. However, that app is no longer around.
Another popular application which continues to exist today is Acorn, which does something similar - but instead of investing in cryptocurrencies, the app invests the change in stocks. It has become a very popular app and both Love and O’Leary are possibly hoping to attain such levels of success with Bundil in the future.
Shark Tank judges weren’t so positive about cryptocurrencies and crypto-based apps up until recently. However Mark Cuban now feels that he might begin to accept cryptocurrency payments for ticket sales for his NBA team. Further, in the South African version of Shark Tank, Vinny Ligham, a cryptocurrency angel investor is a regular ‘Shark’.