Spare Change-to-Bitcoin Service Lawnmower Aims for Main Street Investor Appeal

lawnmower“There’s a metaphor to it,” CEO Pieter Gorsira explains, addressing his startup Lawnmower, and its, by bitcoin industry standards, unconventional name.

If the name Lawnmower at first keeps users at a distance, however, the explanation does much to illuminate the novel concept the Boost VC startup is hoping will help it become a low-risk bitcoin investment solution.

“Working backwards, it’s like we’re running the lawnmower over the grass and we’re clipping off a little bit of change. So, as you go along, we slice all these little blades of grass and collect change from these transactions,” Gorsira continued.

Put more directly, Lawnmower uses an API developed by Spark Capital-backed Plaid to connect to users’ online banking accounts at Bank of America, Chase, Wells Fargo, Citibank and US Bank.

From there, Lawnmower watches its users’ accounts for transactions, rounding up the purchase of say a $3.50 latte to $4 and saving that 50 cents for later. Once users have accumulated at least $4 in total savings through small debit or credit purchases, Lawnmower purchases bitcoin on behalf of the user.

The effect, according to Gorsira, is a solution to bitcoin’s volatility that also allows

Read more ... source: CoinDesk