Japanese bitcoin exchange Zaif launches coin reserve
Zaif, a Japanese bitcoin exchange, has launched a “Zaif coin reserve” that will enable instant purchases of cryptocurrency, reported EconoTimes.
The service will automatically deduct the amount arranged by clients from their linked bank account every month. Once debited from the bank account, the funds are instantly converted into digital currency at the current exchange rate. Clients can amend the reserve amount freely at any time.
Zaif believes its service will help assuage investors’ concerns related to the volatility of bitcoin, said EconoTimes.
The publication pointed out that Zaif’s strategy is not new and is commonly known among traditional investors, referring to “dollar-cost averaging.” The sole difference in Zaif’s approach, said EconoTimes, is that investments are made in bitcoin.
The news outlet cited a report by Forklog stating that under this strategy, clients need not predict the price of cryptocurrency as the purchase occurs at a strictly specified time on the average rate, allowing clients to obtain the maximum efficiency of investments in the long term.
For the time being, Zaif has set a minimum limit for reserve amount at ¥1,000 and can be arranged up to ¥1 million, said EconoTimes.
Tech Bureau, a blockchain company that operates Zaif, recently announced it raised $6.2 million in a Series A financing round.
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