CoinJar is a next-gen personal finance account powered by Bitcoin. Now you can move seamlessly between currencies and pay anyone globally, using the world’s fastest payment network. It is a global personal finance company, where people can easily buy and spend bitcoin and other currencies.
CoinJar recently launched a revamped mobile exchange/wallet app and is introducing a product called ‘hedged accounts’ for users nervous about bitcoin price volatility. You can have Hedged Accounts where you can hedge your bitcoin against major currencies for the peace of mind that you won’t be affected by bitcoin price fluctuations. Hedged accounts enable customers to set their bitcoin holding at a fiat currency value in their choice of AUD, USD, GBP or EUR. You can also buy and sell bitcoin in that you can trade confidently with a volume weighted average of all major exchanges and a flat 1% buy and sell fee. It is also possible to have Fee-free transfers so you can deposit and withdraw, spend and send with no fees. By extension, you can link bank accounts and cards around the world and move your money instantly for free.
CoinJar provides simple tools to manage digital currencies. They use multi-factor authentication like password plus SMS verification to ensure their customers’ bitcoins are safe, even if their password is compromised. As an additional layer of protection, they store the majority of customer bitcoin holdings offline. CoinJar is backed by leading investors AngelCube and Blackbird Ventures.
CoinJar has opened up its debit card service CoinJar Swipe to the general public. The cards allow users to spend from their bitcoin accounts at over 820,000 retail terminals nationwide, as well as withdraw cash from bank ATMs. Notably, the new system means there is no waiting for banks to clear fund transfers from CoinJar exchange accounts. CoinJar’s data 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.
Users need to load up their debit cards manually with dollars before spending, though the conversion is managed by CoinJar’s exchange. The company is planning an automated loading feature in future that would allow users to set a minimum balance to be maintained. Once loaded, the cards function the same as any bank-issued debit card and can be used at any business in Australia that is part of the widely-adopted EFTPOS debit network.
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