Cointree Exchange And Gobbill To Allow Australians A Bitcoin Payment Option For Paying Bills
Australians Now Able to Automatically Pay Their Bills Using Bitcoin Thanks to a New Partnership
Anyone in Australia who now wants to pay their bills using cryptocurrencies can conveniently do so thanks to a partnership between two financial technology companies. Crypto enthusiasts in the country can now not be held back by their utility or service provider having been stuck with the traditional modes of payment.
The partnership is between Cointree, a cryptocurrency exchange firm and Gobbill, an automated billing platform. The two have merged and created a system that allows people to pay their bills using digital coins. In this deal and according to the firms’ agreement, Gobbill will act as an intermediary agent receiving users’ funds and then remitting the same on their behalf.
The two companies have agreed that users of the two platforms will pay their bills using digital coins in Cointree’s wallet. As of the moment, the exchange is supporting about 40 cryptocurrencies, including ether, bitcoin, XRP, Litecoin and Neo.
Small Businesses and Households
Users of the Gobbill platform will be allowed to connect their cryptocurrency wallets to their accounts and have bills paid using digital coins of their choice. The service is dedicated to househlods and small businesses. Shendon Ewans, the co-founder and chief executive officer of Gobbill said that this initiative is focused at alleviating the current and anticipated demand.
In his statement, the CEO said that they are expecting the number of customers who want to use crypto to pay their bills to increase in a few years. He further continued saying that this partnership with Cointree will ensure that they not only cater for this market, but also remain relevant and ahead of others in the sector of allowing people to pay their bills automatically without the fear of being scammed or conned.
Increased Cryptocurrency Use
Prior to this arrangement, Cointree had already carried out more than 100 million transactions during its five-year existence. The exchange already had a service that allowed people to pay their bills automatically. This partnership only serves to boost their business by growing the number of people who will use digital coins as a means of settling their bills. Cointree’s bill-payment service has shown tremendous growth since the firm was established five years ago.
The operations manager of Cointree, Jess Rendon, noted that just last year, the exchange recorded about AU$100 million of bills paid. He says that this marked a ten times growth of the payment feature. Rendon was speaking to the Australian Financial Review.
Australia as a country has recorded a significant growth with regards to the number of people using cryptocurrencies to pay their bills. According to a report by CCN in May last year, the country, which also doubles up as a continent recorded a 3300% growth in a three-year period. In that period, school fees took the highest portion of these payments, followed by loans and then superannuation expenses. Taxes, rent and credit card payments bills were also among the top ten of the payments made using digital currency.