Spendher bitcoin buying app launches in Australia
You don't see instant verification, quick transfers and no daily limits, even for new customers, too often.
A new cryptocurrency app called Spendher has launched in Australia. Unusually, it offers instant customer verification and no limits other than a whopping $100,000 per transaction. Unless you're a big spend(h)er aiming to plonk down more than $100,000 on bitcoin, you won't run into any limits at all.
This is made possible with a fortuitous combination of timing, including the changing of rules around the InstantID system which Spendher uses.
To get instantly verified, users can simply enter their details for on-the-spot verification rather than uploading photos, writing out statements or dealing with the usual obstacles. Users will need to enter the details of at least two of the three following IDs:
- Medicare card
- Driver's licence
The other defining feature might be its focus on women, and its money education, price updates and other educational notifications rather than throwing users into the deep end the way many other exchanges do.
"Spendher is an app that enables users to buy and sell bitcoins on your mobile instantly. The simplicity and speed sets it far apart from anything else available in Australia right now. We are a trusted space for individuals to invest in Bitcoin with the goal of long term wealth creation. Spendher is the trusted space to make and watch your investments," the app description reads. "Built with love by a female, Spendher aims to attract more females into the space. We are using cryptocurrencies as a gateway to kicking some broader investment goals and increasing financial literacy – increasing the independent wealth of women."
"Our mission is bigger than a simple and efficient product," app creator Skye Dunworth said. "In 2017, more than $240 billion profit was made through bitcoin investing, only 5% of investors were female. This is what we are going after in 2018."
The impacts of gender disparity in cryptocurrency are hard to gauge, but not impossible to take an educated guess at, and the idea of a bitcoin trading app specifically for women is quite different. Fortunately, it seems to have sidestepped handbags, heels and hot-pink backgrounds in favour of a more universally easier-on-the-eyes interface and straightforward information.
There's also a "Limitless" feature for high net-worth customers who want a more guided experience for their crypto forays.
Instant cryptocurrency verification, deposits, buying and selling and app wallet creation are pretty tempting, but there might be a couple of caveats too. The first is that the app currently only offers bitcoin buying and selling, although Dunworth says Ethereum is expected to be available in three weeks.
The second is that the built-in wallet isn't currently able to facilitate quick transfers. You can quickly buy and sell bitcoin through the app at current market rates, and withdraw AUD from your account, but transferring bitcoin from the Spendher wallet to another address will involve contacting the company and making the request on a case-by-case basis. This might involve providing some additional verification info and may be a curious side-effect of the app's unique ability to offer instant verification and purchases without any daily limits for brand new customers.
The Spendher app can be downloaded from the Apple app store for iPhone, iPad and iPod touch.
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Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, NANO and SALT