CoinJar, a global personal finance company, where people can easily buy and spend Bitcoin and other currencies, says that it has brought in CoinJar Swipe for the general public. Thus, this Australian Bitcoin services company by opening up its debit card service CoinJar Swipe to the general public has gone one step further to become available.
With over 37,000 customers, the Bitcoin company has processed over $50m worth of transactions in the last 12 months. The company claims that the CoinJar cards allow users to spend from their Bitcoin accounts at over 820,000 retail terminals nationwide, as well as withdraw cash from bank ATMs.
Nonetheless, now as the new system allows users clear fund transfers from CoinJar exchange accounts, they won’t be waiting in the banks. However, as the Swipe system had been an invite-only trial since September, with about 61 users spending AU$30,000 in that period, the company was not able to attract many users, this step is going to help it gain more users.
Secure Offline Bitcoin Storage for Customers
CoinJar has been in expansion mode recently. The first step was to shift its global headquarters to London and then the decisions to launch its full suite of products, including the debit card, in the United Kingdom this year. The decision to offer CoinJar Swipe cards to general public will further help the company and Bitcoin at large.
Currently, the company provides simple tools to manage digital currencies wherein it uses multi-factor authentication e.g. password plus SMS verification to ensure customers’ Bitcoin are safe, even if their password is compromised. Nonetheless, it says that as an additional layer of protection, it stores the majority of customer Bitcoin holdings offline.
Bitcoin Payment for Shopping Lifestyle Goods
Offline wallets have become popular after several successful attempts of online Bitcoin wallet by the hackers. Many of the Bitcoin users lost their valuable investments when Mt. Gox, the leading Bitcoin exchange was hacked. Several other Bitcoin exchanges too were hacked in 2014 wherein the investors lost their valuable Bitcoin.
CoinJar believes that a lot of customers who are into lifestyle shopping will benefit a lot from the swipe card. It says that the data it collected shows nearly two-thirds of the transactions made with its debit cards so far have been for everyday purchases at cafes, bars, supermarkets and variety stores.
To contact the reporter of this story: Deepak Tiwari at email@example.com