The founders of Ernit believe that the new toy “will empower the children with healthy financial habits, while putting a smile on their faces”.

A little piglet with two shining eyes and a string of lights around the snout keeps the children's savings, both in bitcoin and in fiat currencies. The Ernit app linked to the piglet can help the kid to set a saving goal, or multiple goals, and the piggy bank will show with its lights how close it is to attaining the goal.

According to the developers, a child needs a piggy bank in order to learn how to save money. And a modern child needs a digital piggy bank, because, “how else can we prepare our kids to the digital money that already is everywhere?”

To start using the piglet, a parent must set up Ernit app account and link it to Ernit wallet, a bitcoin wallet or a bank account.

The app comes free of charge, however the parent will need to buy the device – the physical piggy bank. Then the parent adds his child to his account. Every time money is sent to the child’s account, the piglet would give a sign and the child will be able to claim their money by pressing the snout.

Any person from any location can contribute to the child’s savings – the only thing they need to know is the number of the account. The creators of Ernit believe it will enable grandparents who often live far from their grandchildren to make them presents. The money can be saved for various goals, "anything large or small: a teddy bear, a bicycle, a gift for grandma or even a donation for charity". The parents can follow their children’s choices.

Currently the app is in beta version. According to the founders, it has already been tested not only by their own children, but also in school classes. The startup has already secured $90,000 and needs another $80,000 to move on.

Alexey Tereshchenko