CoinBase, the bitcoin exchange founded by former Bank of America CEO David Loughran, is taking bitcoin in a new direction with its copper coins.
The company announced Wednesday it will start selling coins that contain copper, silver, gold, and platinum.
CoinBase’s copper coins feature a copper coin with the face of a bull on top and the word “COVERED” around it, and it’s a premium metal.
CoinMarketCap.com, a company that tracks silver and gold coin sales, found that the coin is worth around $3.2 billion, a fraction of the price of the coins in circulation today.
But the company is hoping that its coins will help Bitcoin, a cryptocurrency that is gaining traction in the United States and other countries.
“Copper coins are very important to us because they represent our commitment to protecting the environment and supporting the Bitcoin ecosystem,” CoinBase CEO Chris Gough said in a statement.
“The Copper Coin is our most popular product, and we are excited to introduce it to the marketplace in order to bring a high-quality copper coin to the bitcoin ecosystem.”
In the future, CoinBase plans to make other copper coins, including silver and copper.
In its statement, Coinbase says it will be able to sell coins that feature the name of a company or institution, as well as a coin that features a bull’s head or a symbol of some sort.
The copper coins are expected to be available in September and October.
CoinGate, a digital wallet service, is also looking to capitalize on the popularity of the copper coins by making more.
“This is a good time to look to copper as a viable asset class for the cryptocurrency economy,” CoinGate CEO Kevin Johnson said in the statement.