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Bitcoin Exchange Zaif Launches Zaif Coin Reserve
Japanese Bitcoin exchange Zaif has announced the launch of “Zaif coin reserve” that will allow automatic purchases of cryptocurrency.
The service will automatically deduct the amount set aside by users from their linked bank account each month. Once debited from the bank account, funds are automatically converted into cryptocurrency at the current exchange rate. Users can change the reserve amount freely at any time.
Zaif believes that this service will help in reducing the investors’ emotional distress associated with the volatility of Bitcoin.
The strategy, however, is not new and is quite well-known among traditional investors – “dollar-cost averaging" (the DCA) – the only difference in Zaif’s approach from the traditional strategy is that investments are made in Bitcoin.
Forklog noted that under this strategy, users are not required to predict the price cryptocurrency as the purchase takes place in a strictly specified time on the average rate, enabling users to reach the maximum efficiency of investments in the long term.
Currently, Zaif has set the minimum limit for reserve amount at 1,000 yen and can be set up to 1 million yen.
Tech Bureau, the operator of Zaif cryptocurrency exchange, recently announced that it has raised $6.2 million through a third party allocation as part of the Series A round.