Core Bullion Traders has launched Ireland's first service to allow customers to turn bitcoin into physical gold bars.

The Irish company has partnered up with Coinify, to allow customers to purchase gold using a range of cryptocurrencies on the Core Bullion Traders site.

"Anyone who has bought crypto in the last few months has witnessed some steep rises, coupled with intermittent sharp falls and more people now want to bank their gains," said Nigel Doolin, Head of Trading at Core Bullion Traders.

"We launched the service this week, and we already have one client who is putting seven figures of cryptocurrency into gold.

"Essentially, what we are doing is converting one very risky asset class into a safe asset class in a very simple process."

The service has been launched with the younger generation in mind.

Mr Doolin said quite a large proportion of customers are people in the early to mid 30s, working in tech, and not yet a homeowner.

"I would say that 30% of our business now comes from small investors in that profile.

"I have been in the business for almost a decade, and this is a new cohort emerging.

"I have noticed where a lot of people would previously spend €30,000 once a year, I am now getting people coming in regularly with €6,000 on a more piecemeal basis – slowly building up their funds four or five times a year," he said.

Mr Doolin said the service will help the many people who don't know how to liquidate cryptocurrency.

"The oldest rule in the book is to diversify your portfolio, and our move has made it easy for people to liquidate and move into an asset class that should continue to perform strongly.

"In any fluctuating market gold has historically been a good long-term bet.

"Gold is about security in uncertain times – if you are getting into it for the first time, look at the steady rise over the past 20 years," said Mr Doolin.