In Australia, bills can now be paid using cryptocurrencies like Bitcoin, XRP, Ethereum, Bitcoin Cash, and Litecoin. A blockchain based platform known as IvyPay made this possible. This was as a result of its partnership with another company, HiveEX. Consequently, people who own digital assets in this region can make payments and even convert these assets to Australian Dollars.
Study Shows More People Are Willing to Purchase Cryptocurrency
The development of this payment system was after HiveEx and IvyPay carried out a study to ascertain the number of people using cryptocurrency. In their research, they discovered that out of 1,997 Australians, about 13.5 percent owned cryptocurrency. Also, 49.5 percent said they had the interest to purchase them, but were discouraged since they could not transfer into a bank account.
This is no longer a problem since Bitcoin, and other virtual currencies can now be sent into the user’s bank account. It will be in an equivalent that is almost that of the coin’s worth at the time it was converted and sent. Ivy also charges a commission of 2 percent on all transactions. Alternatively, 1 percent is charged if the user decides to make payments using its Ivy Koin instead.
Everyday Users Can Now Pay Their Bills Using Cryptocurrency
Ash Shilkin, president of Ivy, noted that even though the platform was still a mile away from making cryptocurrency widely accepted, it could still help everyday users of these assets to pay their bills. They can also transfer them into their bank accounts after converting into Austrailian dollars. Also, the transaction fee charged was not high.
The IvyPay platform was founded in 2017 but launched its Blockchain solution early this year. This was after the company raised $17 million in a private token sale. The president of the company also said that;
We are pleased to have IvyPay on the market, while we build out the Ivy Network as a bridge between those with cryptocurrency and traditional financial institutions.”
Australia is the first country to use this platform’s beta version of the service. There are expectations that shortly, other countries like the US will be a part. If that happens, then there will be a more widespread use of cryptocurrencies. This will help to achieve IvyPay’s aim, which is to make Bitcoin and Altcoin available to the general public.
In a previous study, about 2.58 million Australians were known to hold virtual currencies. This a country that is fast becoming a center for cryptocurrency as well as the Blockchain technology.