CoinJar launches hedged accounts to counter fluctuations in bitcoin

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CoinJar has launched bitcoin accounts that allow users to ‘hedge’ their bitcoins to the currency of their choice before sending a payment in order to temporarily secure the value of the crypto-currency.

Bitcoin has been seen as an unstable investment opportunity since the currency dropped from an all-time high of $1,000 per bitcoin to a valuation of around £220 today (at the time of publication). But many argue for its value in terms of its usability, as it allows much cheaper and faster international payments than existing payment infrastructure.

CoinJars new accounts allow users to fix bitcoin to the current worth of American and Australian dollars, pounds and euros. So, CEO and co-founder Asher Tan explained at Finovate Europe, if you place £1,000 worth of bitcoin in a GDP-hedged account, you will still be able to access £1,000 worth of the crypto-currency in an hour, a week or a month’s time.

The Australian company will also be launching the CoinJar app and a bitcoin swipe card called CoinJar swipe in the UK, in order to show how bitcoin can  “interface with both new and traditional forms of payment”, Tan added.

Read more about today’s Finovate Europe demos here. 

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