Bitcoin bets made Erik Finman a millionaire before he was out of his teens. Now, the crypto wunderkind says he wants to help engineer a platform for investing in cryptocurrencies that is easy for average folks to use.
“The goal of the application is to make cryptocurrency not just more accessible…but to make cryptos and blockchain technology tangible and more tactile,” the 20-year-old told MarketWatch in a Tuesday interview.
To that end, Finman, last month, kicked off CoinBits, a web-based platform, that will automatically round up credit/debit-card purchases to the nearest dollar and invest the difference in bitcoin on the user’s behalf.
If it sounds familiar, it is because it is a model similar to one used by some bricks-and-mortar banks; and, perhaps, notably, platforms like micro-investment apps Acorns Grow Inc., and Stash, to facilitate investing and saving.
In fact, Finman hopes that CoinBits will become “the Acorns of bitcoin,” one day and is aiming to garner at least one million users on his platform over the coming year.
“I really think a million users within a year is realistic,” he said. He’s expecting social-media rather than traditional advertising to get word out about the crypto startup. “Completely, nontraditional is the only way to do it,” he said.
The bitcoin investor and entrepreneur, who was born in California and raised in Coeur d’Alene, Idaho before moving to New York, says he has spent about $100,000 in building out CoinBits thus far.
Finman isn’t fazed by the fact that a litany of crypto-centered platforms already dominate the scene, including Coinbase, arguably the most popular digital-asset platform, and commission-free trading app Robinhood, to name a couple.
“I think so many people have attempted to