Wanna invest in some Bitcoin? Find it too complicated? Fret not for now there’s a startup called Lawnmower that shall invest your spare change in this cryptocurrency.
Launched last week, basically, what the Lawnmower app does is keep track of all your shopping, round up your purchases to the nearest dollar & then convert the difference into bitcoin that a user will then own. Lawnmower keeps track of all your transaction history of bank accounts, credit, debit, or otherwise, that you would have linked to it.
So every time you make a purchase, Lawnmower calculates the spare change generated, then automatically purchases bitcoin through wallet provider Coinbase, as your spare change accumulates. So instead of your spouse squirreling away your change, an app does it for now + invest.
As of now, Lawnmower is only available as an iOS app & for the US market. Those who want to use this app need:
- an iOS device
- an account with 1 of the supported banks
- a Coinbase account with a linked payment method
The app currently supports 5 US banks including Wells Fargo, Bank of America, US Bank, Citibank & Chase.
Users can check back by logging into Coinbase to see how much bitcoin they have saved. The more you swipe, the more you invest. Especially for those of you out there who are into investing in stocks,futures, & such, Lawnmower offers a diversification of your investment portfolio.
Lawnmower is a free app & charges nothing on top of Coinbase’s existing purchase fee.
Obvious thoughts of privacy, etc are addressed by this new app which claims that the purchase & holding of bitcoin is with a trusted exchange and wallet provider, Coinbase, while all banking information is securely handled via Plaid.
You may also want to read: Now, it`s easy to buy Bitcoins from Circle, the new Online consumer finance company
Image Credit: iTunes/Lawnmower
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