CoinJar, a platform for buying, selling and managing your Bitcoin, has announced the launch of Hedged Accounts today in a bid to make the cryptocurrency attractive to more users by eliminating concerns about currency fluctuations.
It’s no secret to anyone that since the currency’s rise to a valuation of over $1,000 per Bitcoin and subsequent fall to around $216 where it is today (correct at time of writing), it has been viewed as a somewhat unstable investment opportunity.
CoinJar’s Hedged Accounts are hoping to fix that by allowing users to fix the price of Bitcoin against a currency of their choice – provided that’s either Great British Pounds, Euros, Australian Dollars or US Dollars. So, for example, if you own the equivalent of $300 in Bitcoin today, you’ll be able to access $300 worth in a few months’ time if they’re in a Hedged Account.
CoinJar said there’s no additional costs (or time limits) for funds placed in Hedged Accounts, and that users can unhedge the value at any time.
The launch underlines the company’s relocation to London at the end of 2014, and represents the first product for UK users. It added that UK users would get the CoinJar Touch iOS app, the Android app and a Bitcoin swipe card cunningly named CoinJar Swipe.