A couple in Utah has created a new cryptocurrency called Jumbo, with plans to sell it to the general public for bitcoin.
The cryptocurrency, dubbed BUMB, is currently trading at $1,200 per coin.
The company, BitMEX, has already raised more than $100,000 from investors and has been trading on a closed beta platform.
“It’s been crazy,” CEO Scott Purdom told ABC News in an interview.
“I think it’s going to be a good long-term thing.
We’re going to keep making the coins, just to keep the price up.”
The cryptocurrency is being launched on the BitMex platform by a pair of friends, Scott and Mike Cernovich, who met in college and moved to Utah together.
They were looking for a way to make money off Bitcoin, so they started BitMEx, and the team has since expanded.
The two founders have raised $100k in funding and have also signed a partnership with Coinbase.
Purdoms goal with BUMD is to make it available for anyone to use for any purpose.
He hopes it will become a popular cryptocurrency for investors to use, and a means of paying their bills.
“The more people use it, the more people will start buying into it, because the more users there are, the higher the value,” he said.
The team behind Jumbo said the idea came to them in April.
They initially started with an idea for a decentralized cryptocurrency, which was the idea that the government should have some control over it.
“We thought that was something that could happen and that’s why we started Jumbo,” Purdome said.
They said they came up with the idea of having a cryptocurrency where it would be used by people in the Bitcoin community.
“You can’t have a decentralized currency without a government,” Cernovicos said.
“What that means is that it’s centralized, and people can’t use it.
And that’s what’s so exciting about Jumbo.
We think it will be a great way for Bitcoin users to get money out of the system.”
Purdoman said the cryptocurrency has a long history in the bitcoin ecosystem.
“There’s a lot of people that think that Bitcoin is like an oxymoron,” he explained.
“Bitcoin is a currency, it’s a decentralized, it has a government-backed structure.
You can’t be a decentralized person without a centralized entity.”
Pundom said he plans to keep expanding the company and adding more coins to the platform.
He said they are working on building more products, such as a secure app that will let people send bitcoin.
“At the end of the day, we just want people to use the currency and be able to spend it,” he told ABCNews.com.
“People can use it for everything from paying their taxes, paying for goods and services, to investing their savings in the future.”
He added that he believes Bitcoin will be the next big currency, though it’s too early to predict what its value will be in the long run.
“Right now it’s all about speculation,” he added.
“If it continues to go up in value, it will drive all kinds of stuff.”