A PAIR of entrepreneurs are launching a platform intended to allow more people to trade in cryptocurrencies such as Bitcoin.

The idea of Elepig is that anyone can buy and sell digital coins with a modest investment and limited knowledge.

There are nearly 2,000 cryptocurrencies, but Bitcoin is the best-known. A single Bitcoin was worth one US dollar in 2011 and reached a peak value of 15,000 dollars before falling back.

It stood at more than 7,600 dollars yesterday.

Elepig is the brainchild of Bournemouth-based Carl Selby and Mark Williams.

Mr Selby said: “In 10 years’ time everyone will be using cryptocurrencies and we want to speed up that level understanding.

“Crypto could be seen complicated and overwhelming, so we wanted to create a platform that is safe, secure, simple and utterly trustworthy.

“Elepig – a term combining ‘elephant’ and ‘pig’, which in feng shui represent prosperity, trust and hard work – is designed to be different from other platforms.

“We have built the exchange from the point of view of the user and it is ideal for the new cyber-savvy generation for whom online transactions are more common that traditional ones.

“It is an exciting industry and the markets are volatile; most people invest modest amounts and buy and sell according to how the currencies are performing – trends they can view on Elepig’s website.

“People are now able to trade on the go right from the palm of their hand – and we want Elepig to become the market leader as crypto-trading becomes more common.”

The boom in cryptocurrencies has been hotly debated in recent times. Virgin Money and Lloyds Banking Group banned customers from buying them with their credit cards, but Barclays took the opposite view.

JP Morgan chairman Jamie Dimon called Bitcoin a “fraud” but later said he regretted the remarks.

Earlier this year, local businessmen Matt Hawkins, Duncan Cook and David Pedrini launched Cudo Ventures, which allows people to use their spare computer power to ‘mine’ cryptocurrencies for charity or profit,

A lunch club called Block, devoted to discussing the subject, which meets at Media Lounge in Bournemouth.