Startup of the Week: Coin Portfolio
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So here it is! Here’s our Startup of the Week interview with Alex.
Interview with Alexander Thiele, co-founder of TNX Apps and creator of Coin Portfolio
Luka: Hey Alex, thanks a lot for joining me today. You were telling me about your new startup that is growing incredibly fast—by 100s of users a day—so can you tell me what you do and why it’s growing so fast?
Hey, thanks for having me. I’m Alex, one of 4 engineers at TNX-Apps and we started Coin Portfolio one year ago. It’s an app for cryptocurrencies that acts as a portfolio manager where you can put in your transactions of what you’re buying or selling in crypto. Everything is read-only and you can track your current portfolio value and performance.
We’re growing pretty well at the moment. We’re getting more than 200 users per day.
Luka: The last time I spoke to you it was 100 per day!
Alex: Yeah that was two weeks ago, now we’re getting even more users per day. It’s really crazy.
Luka: Where is the growth coming from?
Alex: It’s probably going viral… it’s coming from the Google Play and Apple App Store. Users search for the description that describes our app, so we’re pretty easy to find (especially in this hot crypto market). It’s pretty cool, we don’t spend any money on ads. We will look into spending money on ads in the near future, but this current growth is just organic.
Luka: So how many users do you have right now?
Alex: We started the app in March 2017, it was first available as a Beta in May 2017 and we went live internationally for everyone in August 2017. We now have more than 11,000 users and it’s growing everyday more and more. It’s a really cool time and it always amazes me how many people are downloading the app. But the App is not finished. We’re continuously optimizing the app and adding more features to it or improving old features.
Luka: Just to step back a bit, what does Coin Portfolio exactly do? You’re able to track your whole portfolio of crypto, right?
Alex: So let’s go into cryptocurrencies. Usually when you buy, sell or trade cryptocurrencies you store your cryptocurrencies in your own local wallet or on an exchange platform on the internet and there are many of them. Now, it’s actually really hard to track the value of your portfolio. You may own Bitcoin or Ethereum but you can also own all the other cryptocurrencies on the market and there are a lot. And to track this all, you would need to look into each wallet that you own coins in, and see the price or the exchange of, for example Bitcoin, and calculate the USD or EUR exchange for it. With Coin Portfolio you can just put in the transactions you made and you can see the value, the profit and the invested value for each or your total cryptocurrencies. It’s very lightweight as it’s read only.
Luka: What’s your retention? How many people are using it per day?
Alex: We currently have more than 2,000 active users per day. I actually really like this number, considering how many users we currently have and how many new users we’re getting per day (~200 per day). What we also see right now is that we have up to 20,000 sessions per day. Which means that each user goes into the app 10 times per day. The cryptocurrency prices are growing at the moment and everyone is probably constantly checking the price even more frequently.
Luka: And who built Coin Portfolio? Did you build it?
Alex: Yes, our team has an iOS engineer, backend engineer and an Android engineer. I did the Android app completely by myself, my teammate did the iOS app and we have another teammate who did the backend and web part. It’s the same API so we’re all making API calls to the backend to plug into the mobile apps. This allows users to use the iOS and Android version at the same time. All the transactions are the same and the data is synced between all devices if the user is logged in with their account.
Luka: Have you been approached by investors since you’ve been growing so quickly?
Alex: Not yet… Because we actually don’t really need investment right now… All the engineering part is being done by us which is usually the most expensive part in a startup. So we don’t need money to improve the product.
Luka: If you don’t need money, what do you need?
Alex: We need help with marketing. We’re still growing, but eventually, we’ll get to the point where we’ll need help to grow even faster.
Luka: How did you get to this point today? You were in Gruenderszene weren’t you?
Alex: Yes, but that article wasn’t about Coin Portfolio. We had a chat bot that we developed before and that is still under development.. We created a chatbot for restaurant booking. You as a user can book a table at your favourite restaurant around the corner, and instead of calling them you just go to their webpage or Facebook, and then you can book a table via the chat option there. But this project is not in our focus and we’re all working 100% on Coin Portfolio at the moment.
Luka: So Coin Portfolio had nothing to do with the press release in Gruenderszene?
Alex: No. We’re growing organically without any press or marketing. I actually built this app for myself because I’m big in cryptocurrencies. I thought to myself “hey, maybe others will need this.” We uploaded it into the Play & App Store and we’re getting really good feedback from users ever since.
Luka: But I’m still confused… How did you go from 0 users to now 11,000?!
Alex: I really don’t know to be honest! I just started this app because I was looking for something like Coin Portfolio, it was somehow missing or just too complicated. We uploaded it and added the description. And without doing any marketing, we saw the installs and numbers increase dramatically. We have a share function but this is not where our growth is coming from.
We’re releasing a new version every two weeks so it’s really an exciting period.
Luka: What’s the next big milestone? What are you guys aiming for?
Alex: We put in a subscription model for users to get access to more features. It’s not yet a big plus for customers to pay. It’s more for people who wants to support us and help us to pay for our server costs. The subscription model is 0.99€ per month at the moment. After launching the subscription model, we now have hundreds of users subscribing. There’s even a huge amount of users in Australia!
We of course have a few additional features for subscribing users. For example more chart data with different time intervals, a pinned notification or a yearly overview page with information about your profit and loss of the year.
Luka: That’s fantastic, you’re already making money, you have revenues coming in to pay for some of the costs, that’s fantastic.
Alex: I’m really happy how this has turned out so far. We are now focus on growing and putting in more features and making the app even better with a much better user experience.
Luka: Great! Thanks a lot for joining me today!
Alex: Thanks for having me!
TNX-Apps is also a Penta account holder.
About Coin Portfolio: Bitcoin & Altcoin price tracker for your cryptocurrency investments. Get an overview of your current portfolio, see the current price, the 24h change, your profit and an overview of all your transactions. Our mission is to make tracking your cryptocurrencies as easy as possible. No trading pairs needed for trading between different coins. Just try it out – It’s free!
* Almost all cryptocurrencies are listed!
* Price charts
* Price alerts with notification
* Pinned notifications on your homescreen
* Sync your transactions with all your devices!
* Yearly overview with your profit & revenue