Australian-based startup CoinJar has announced CoinJar Swipe, the first EFTPOS card compatible with bitcoin. As part of the trial announced yesterday, bitcoin holders will be able to use their CoinJar Swipe card to withdraw from their bitcoin account, converted to Australian dollars, at any ATM or purchase items at any retail outlet. The startup, based in Melbourne, says CoinJar Swipe is the first product in Australia to bridge the gap between the digital currency bitcoin and traditional payment methods.
An Australian company is trialling a bitcoin EFTPOS card, allowing customers to spend the digital currency in retail stores. CoinJar, a Melbourne-based bitcoin platform, is taking the next step to make bitcoin more accessible to the public with the release of Swipe cards. CoinJar Swipe cards are initially being tested on 100 bitcoin users of all levers, from early adopters to everyday consumers. The CoinJar account will allow customers to covert bitcoin into Australian dollar, ready to spend using their new plastic. The cards will let you buy your groceries, withdraw cash at any EFTPOS ATM and pay your bills just like a regular bank card. With 11 million bitcoin flying around the world and a market cap at $6.1 billion bitcoin globally, CoinJar placed itself as part of the evolution. The company has already processed more than $50 million worth of bitcoin transactions on the platform in the past 12 months for more than 30,000 customers.