Recent partnership between digital finance assistant for automatic payments Gobbill and australian cryptocurrency exchange Cointree will let Australians pay their bills with cryptocurrency.
Gobbill will act as a go-between, takes the funds from its users and pays the bills on their behalf. Gobbill co-founder Shendon Ewans said
“Fast forward into the future and what we’re seeing is, like it or not, this will be part of our daily lives. Gobbill already let people pay bills from their cards or bank accounts, so now they can pay in cryptocurrency too.”
Gobbill has an Australian financial services licence under ASIC, while Cointree is licensed under AUSTRAC to meet anti-money laundering and counter terrorist financing obligations.
Cointree launched in 2013 with the purpose of making it easier for people to buy and sell bitcoin, and it now has 60,000 active members and has facilitated 100 million transactions.
The exchange has 40 types of cryptocurrency currently, including Ripple, NEO and Litecoin, as well as the two most popular cryptocurrencies Bitcoin and Ether.
Paying with crypto
Cointree operations manager Jess Rendon said Cointree also had its own service that lets users pay bills, but hoped this partnership would make it an easier process and open it up to more people who had not experimented with cryptocurrencies before.
“Last year alone we had about $100 million of bills paid and saw ten times growth in this payment feature,” she said.
The business has recently rebranded and relaunched its exchange with the intention of going global. The first step in this facilitating token-to-token trading in international markets, which is not regulated in the same way as token-to-cash trades.
Eventually it hopes to also get approvals from international regulators to offer its full service.
Despite the significant price decline since January, 2018, Ms Rendon said it was not deterring traders.
“The market goes up and down. All of us would like a magic ball that could tell us when it will go up and down next, but we have a lot of different customers with different investment strategies. It’s not always dependent on price dips and highs,” she said.
“It’s something we’re becoming used to every day and there hasn’t been a complete drop off in traders, so that’s how the exchanges are still chugging along.”
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