Through industry-forward applications, cryptocurrency is making its way into public adoption as an everyday medium of exchange. On Aug. 20, fintech startups Cointree and Gobbill confirmed a partnership that will allow Australians to pay their bills with cryptocurrency.
Faster Payments, Lower Fees
Cryptocurrency exchange Cointree and billing platform Gobbill have joined forces to give Australians access to cryptocurrency bill payments, reports The Australian Financial Review (AFR).
Founded in 2013, Cointree has over 60,000 active users and currently lists 40 different cryptocurrencies–including Bitcoin, Ethereum and Ripple. The Australia-based exchange also provides a cryptocurrency bill payments feature that has seen significant growth since its launch.
In an interview with AFR, Jess Rendon, operations manager at Cointree, said:
“Last year alone [Cointree] had about $100 million of bills paid and saw 10 times growth in this payment feature.”
Launched in 2017, Gobbill is an automated bill payments system that offers users an AI-driven platform for paying bills issued by any Australian provider–including utilities, telecommunications and insurance.
New to the industry, Gobbill is preparing for the future of cryptocurrency proliferation and public adoption. Shendon Ewans, co-founder of Gobbill, noted:
“Fast forward into the future and what we’re seeing is, like it or not, [cryptocurrency] will be part of our daily lives. Gobbill already lets people pay bills from their cards or bank accounts, so now they can pay in cryptocurrency too.”
Through the partnership, Cointree and Gobbill hope to achieve a more robust platform for cryptocurrency bill payments that combine aspects of user protection, streamlined transactions and versatile payment methods.
Australian Regulatory Compliance
Gobbill has already secured a financial services license from the Australian Securities and Investments Commission (ASIC), according to AFR.
Cointree, meanwhile, is licensed under the Australian Transaction Reports and Analysis Centre (AUSTRAC) for anti-money laundering and counter-terrorist financing compliance.
With regulatory approval, the Cointree-Gobbill partnership may very well become Australia’s first market-ready vehicle for driving cryptocurrency mass adoption.
It’s becoming evident that new regulations and applications of cryptocurrency continue to rise in countries worldwide.
Cover Photo by Holger Link on Unsplash
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