As organizations realize they can cover costs by printing their own money, they’re increasingly looking towards creating their own forms of cryptocurrency to access funds. These altcoins can take on a wide variety of shapes and forms, with the underlying technology or mining incentives varying or often mysterious from coin-to-coin. The deluge of altcoin tokens in circulation has muddled investors’ ability to discern legitimacy from myth.
Which Altcoin or Asset to Trust?
With over 600 altcoins currently in circulation, there is an increasing need for more vetting and research around these experimental currencies. Without this, investors are at significant risk from “pump and dump” schemes or fraudulent technology which can cause a full loss in investment. There’s a market need to sift through the noise and identify altcoins that are in alignment with best practices of decentralization, non-pre-mining, and transparency.
In order to directly address these concerns, Lawnmower, an altcoin exchange and information portal, is providing a user-friendly experience and industry-leading market research to empower investors. While the application currently supports trading in bitcoin and ether, future expansion to other forms of digital asset exchange is on the horizon. Speaking to this, Lawnmower CEO and co-founder Pieter Gorsira remarked, “Due diligence in the space is extremely lacking, and a consolidated report will make investment decisions easier.”
With over 20,000 downloads, 60,000 trades, and $1M in trade volume, Lawnmower has shown early traction. A partnership with Coinbase enables easy sign ups with an industry-leading wallet solution integration. Given the difficulties new cryptocurrency users typically face in signing up, Lawnmower is hoping to appeal to a wider crowd in attracting a Venmo-familiar crowd to altcoins.
Tools and Data Like Traditional Investments
Through providing information, investors will have the tools and data that they would normally expect from traditional investments. The group plans to potentially sell these reports to large institutional players. Moreover, expanded options in altcoin availability will add tools to investor’s repository.
Lawnmower consists of three entrepreneurs who initially met at the University of Florida. CFO Alex Sunnarborg recently say down with Bitcoinist to discuss the latest developments.