Blockchain.info, which is one of the most popular Bitcoin wallet providers, has introduced “Recurring Orders” feature, which enables clients to automatically purchase Bitcoin at regular intervals.
The facility was brought in cooperation with Coinify, a crypto currency trading platform. It can be remembered that Blockchain started offering near-instantaneous funding of Bitcoin wallets, after entering into a partnership with Denmark based Fintech payments startup Coinify last year.
The exclusive facility is currently offered to Blockchain.info’s European customers who use credit card to purchase Bitcoins. The frequency of purchase can be decided by the clients of Coinify. When an order is placed for the purchase of Bitcoin in the Coinify platform, an option to set a recurring order will pop up.
Bitcoin investors can choose between automatic daily, weekly, or monthly purchases. The time frame for automatic purchase can be also set, if necessary. For example, a user can set up weekly purchases that last for three months. If time period is not set, then the system will continue to purchase until the user disables recurring orders. If needed, recurring orders can be cancelled before the end period set earlier. Soon after a purchase is completed, the user will receive a notification email.
To protect users against fraud, Coinify and Blockchain.info has advised new users to begin using the facility after seven days have passed. The prevailing trading volume of a user determines the frequency of recurring orders that can be set.
The facility is almost like the Systematic Investment Plan offered by mutual funds across the globe. Interestingly, this affirms the view that Bitcoin, a digital currency is also a store of value.
Commenting on the new facility, the Blockchain.info team stated
“At Blockchain, we are always looking for ways to make digital currency more accessible. It is part of our commitment to create an open, accessible, and fair financial future – helping you, our users”.