Melbourne start-up, CoinJar, has confirmed it will commence trials for its bitcoin EFTPOS card next week.
The card, named CoinJar Swipe, works like a basic debit card; users can use the plastic to withdraw bitcoin converted to Australian dollars from any ATM machine, or make purchases at retail outlets.
It has been developed in conjunction with EMerchants, an Australian prepaid payments solutions providers.
“We created Swipe because we simply wanted to make it easier for our customers to spend their bitcoin,” CoinJar co-founder and chief executive officer (CEO), Asher Tan, said.
“Swipe demystifies bitcoin and makes it accessible to everyone through a secure platform. Our team is really excited about Swipe, and we look forward to receiving feedback from our customers.”
The upcoming trial will span 100 pre-registered ‘CoinJar DNA members’ who have been selected based on social media responses to the question, “What would you do with your CoinJar Swipe?” These individuals will receive their cards next week.
Once more widely available “in the near future”, CoinJar promises to allocate Swipe evenly between early adopters, everyday consumers, and a wide variety of demographics. This decision is in line with the company’s belief that bitcoin is a democratising force in finance.
Australian interested in attaining Swipe can register via CoinJar’s web site.
CoinJar estimates bitcoin is currently being used by 500,000 Australians, a figure it said is rapidly growing.
In the last 12 months, CoinJar has processed more than $AUD50m worth of bitcoin transactions for more than 30,000 individuals and businesses.