A bitcoin startup in a New Zealand is making the process of adopting bitcoin easier for new users via a dedicated savings platform.
As bitcoin price soars new all-time highs in an unprecedented boom, the world’s most popular cryptocurrency is gaining awareness among retail investors globally. In New Zealand, a bitcoin startup called ‘My Bitcoin Saver’ is brokering the process of buying the cryptocurrency through an offshore exchange to deliver bitcoin on a weekly basis.
“When you deposit your money to us with your reference number on a Monday, we wait for the bank to clear it and then send it to Europe’s biggest Bitcoin exchange where we buy Bitcoin that Friday,” explains BitcoinSaver on its website, before sending users their bitcoin to their own nominated wallets.
My Bitcoin Saver enables users to sign up for weekly automatic payments between $10 and $200 on Monday, every week. The platform then uses the funds to buy bitcoin from a major European bitcoin exchange, in bulk, before redistributing it to users on its platform on Friday, every week.
“Bitcoin is really expensive to buy in small amounts and difficult to buy in small amounts,” CEO Sam Blackmore told Newshub…” so what we do is buy in bulk for people and we have a distribution engine that speeds it out.”
Earlier this year, BitNZ, a New Zealand bitcoin exchange, revealed it was left with no choice but to shut down after a banking blackout brought on by a refusal of multiple banks to allow bank accounts for bitcoin trading despite the exchange complying with KYC and AML (Know your customer and Anti-Money Laundering) regulations.
On its website, By Bitcoin Saver claims to cater to nearly 2,300 users who have seen value gains of 433% since offering the service.
The startup has now raised $400,000 from an unnamed financial services provider to expand its presence and business into the UK, ahead of plans to launch in Australia and the United States.
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Last modified: May 21, 2020 9:07 AM UTC