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Blackbird leads round for Australian bitcoin start-up

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Blackbird Ventures has invested A$250,000 ($227,645) to lead a A$500,000 round of funding for Melbourne-based CoinJar, a bitcoin wallet and exchange provider. Angel investors in the round include RetailMeNot founders Guy King and Bevan Clark and game developer Rob Murray.

Founded earlier this year, the start-up's exchange claims to be the cheapest way to buy and sell bitcoin - charging 2% for buying and 1.1% for selling. The service is currently available in Australia only but aims to expand to other countries soon.

It also operates a payment gateway for merchants with daily transfers from bitcoin to local fiat currency with a 1% fee, lower than PayPal's 2.4-5.5% charges. The company offers a bitcoin wallet for retail users.

CoinJar has formed partnerships with goods and services providers such as Australian utility vehicle producer Tomcar and crowdfunding website Pozible to increase adoption of the currency.

The company previously received funding from start-up accelerator AngelCube in May.

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