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.
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.
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.
B: How does Lawnmower differ from other altcoin exchanges?
AS: Lawnmower offers a mobile first experience for not only investing in bitcoin and ether using your bank account, but also brief summaries, news, resources, market stats, and research for about 20 blockchain assets. We also allow you to track your overall portfolio and performance returns over time, and easily compare them to benchmarks like the S&P 500, gold, bonds, real estate, and our own “Lawnmower Blockchain Index (LBI)” that tracks an evolving group of top blockchain assets. Our focus is more on simplified user experience and informative and interesting analytics and content on the entire asset class than many exchanges.
B: What new entrants does Lawnmower aim to capture through providing credible, industry-grade research on ‘ICOs’?
AS: We’re very interested in ‘ICOs’, crowdfundings, and any upcoming blockchain asset or large economic or capital raising event in the space. We think about providing research, analytics, and information on these events from a few perspectives. In general, we want to engage our existing user base as much as possible, to get our fans to spend even more time on Lawnmower. We also want the eyes of broader crypto users in the space that we can get through blog post or guest article features posted onto forums or social media that get a lot of traffic, many of which haven’t tried Lawnmower as an information or data source. We also disseminate some of the material to more institutional firms we know as a means of building credibility. After assessing the demand from a variety of viewpoints, we may also pursue in-depth research on upcoming crowdfundings as a more serious revenue stream.
B: What does the future hold in store for Lawnmower?
AS: Continuing to write quality content on individual live and upcoming blockchain assets to inform our users and the broader community about projects in the blockchain space. Additionally, continuing to publish analysis on the overall industry and asset class as a whole, as well as sub-sectors that are beginning to develop.
We are creating investment tools to allow users to easily invest in portfolios of assets as opposed to just one at a time, and developing additional variations of index products (like our existing LBI), some of which are focused on specific sub-sectors or segments of the space.
B: Is Lawnmower available in all countries, or is it restricted to use in only some?
AS: Lawnmower is totally free to download and use all over the world for watching price quotes, market data, reading news, resources, and research, and using all other non-investment related features. Currently, investing in bitcoin and ether using your bank account through Lawnmower is available to the U.S. only.
What do you think about the growing number of wallets and exchanges to use altcoins on? Share your thoughts in the comments below!
Ryan Strauss is an avid writer and Bitcoin fanatic who has been involved with the cryptocurrency space since 2012. A 'crypto-industrialist', Ryan is also the author of #100DaysOfBlogging. Follow on Medium.com/@ryanstr.