CoinJar launches hedged accounts for Bitcoin
- 11 February, 2015 09:04
Australia’s largest Bitcoin company, CoinJar, has developed a system of hedging Bitcoin against real world currencies.
The Melbourne-based firm launched the product at Europe’s largest tech innovation conference, Finovate.
According to a company statement, hedged accounts allow users to peg the price of Bitcoin against Australian Dollars, US Dollars, Great British Pounds or the Euro.
The firm said a user holding $A400 worth of Bitcoins will be able to access $A400 worth of Bitcoins in the future by transferring Bitcoins to Hedged Accounts.
CoinJar said there is no no charge and no time limit on these accounts, users can change or unhedge that value at any time.
CoinJar CEO, Asher Tan, said hedged accounts would benefit people who want to start out with Bitcoin for practical purposes, but don't want to manage it actively or worry about fluctuating prices.
"While some users enjoy the speculative aspects of Bitcoin, there are others who would like to hold Bitcoin without worrying too much about the volatility. Hedged Accounts makes Bitcoin a more stable currency, and more useful to more people.”
CoinJar also recently released the country’s first Bitcoin EFTPOS card in 2014. The firm’s app was launched the same year.