Australian bitcoin exchange CoinTree announced last week an option to set up a recurring bitcoin purchase plan. In a press release, the exchange said that its users can now automatically purchase bitcoin at regular intervals using their standard bank accounts, currently capped at AUD $200 per order, with at least five days between purchases.
CoinTree founder Shane Stevenson told CoinReport via email:
“We began to notice different types of purchasers. Already catering for price conscious buyers with our best price guarantee, we wanted to help those who believe in bitcoin and like to purchase on a frequent basis.”
CoinTree has been serving Australia’s ever-growing bitcoin community since 2014. It already accepts cash deposits, BPAY and the Australian online payment system POLi for instant bitcoin purchases. The exchange said in the press release that it maintains its focus on making the entry for new users to bitcoin as straightforward as possible.
As the first Australian exchange to offer this level of automation, CoinTree’s goal is to allow Australians to gradually accrue bitcoin over time, with a simple way to slowly diversify their investments into bitcoin and remove the hassle of frequent trips to the bank or reminders to transfer funds, said the exchange.
“Regular purchases are a great way to invest in bitcoin without getting caught up in the market swings and drama. During the recent price spike and following crash we saw our beta users remain unfazed. Almost everyone continued their weekly and monthly purchases, increasing their holdings at a steady and comfortable rate,” CoinTree founder Shane Stevenson said in the release.
Over the last 12 months, bitcoin has gone through some testing times in Australia with regulatory and taxation issues, as well as a string of closures of bitcoin businesses’ accounts by the country’s four major banks. But as a global leader in fintech and a hub for innovation, Australia shows great potential to be a thriving bitcoin marketplace in 2016. In spite of increased investment behind the scene, easy to use services such as CoinTree and its new regular purchase feature are critical to Australian bitcoin adoption.
Image courtesy of CoinTree