Australians Pay Bills in Over 50 Cryptocurrencies
Payment firm Gobbill and cryptocurrency exchange Cointree teamed up to provide Australians with opportunity to pay for goods and services using any of several cryptocurrencies. In a partnership that could boost crypto adoption in a massive way, the two firms announced that customers in the country could settle their everyday bills in as many as 100 different digital assets.
According to the firms, their clients were free to use coins in held in their Cointree accounts to offset various bills irrespective of whether or not the billing company accepted crypto payments.
According to a Cointree representative, the partnership is a “global alliance,” meaning that users of both platforms would get access to the service. What users needed to do was to link their crypto wallet to an account (here it refers to the account of any billing company, be it utilities, council rates, phone company, or insurance).
Once this is done, a user selects their preferred mode of clearing the bill—choices include credit card, bank, or via crypto—and the platforms would use the crypto indicated to pay any of the listed bills. It was announced in August, an integration process is at its tail-end and users will have the option to choose from any of the coins listed on Cointree. At the moment, however, users can only use Bitcoin (BTC).
Now the Cointree has helped clearing or paying user bills worth over AU$100 million (approximately $74 million) in 2018 alone. And with a user base of more than 50,000 in the country, Cointree’s push for crypto payments could see an upturn in crypto adoption yet to officially recognize virtual currencies as legal tender.
Cointree projects in 2019 would see the use of crypto for payments in Australia will grow tenfold. This kind of growth is significant enough to see people begin to change perspectives about crypto being only used by speculative traders.
The platform lists multiple cryptocurrencies, including top coins—Bitcoin, Ether, Litecoin, and Ethereum Classic. Others are Cardano (ADA), Neo (NEO), Qtum (QTUM), Dash (DASH), Tron (TRX), Zcash (ZEC), Basic Attention Token (BAT), OmiseGo (OMG), and Augur (REP). These are among the over 50 coins currently listed on the platform, but which the exchange notes will soon increase to over 100 with more listings.
Cointree is a registered company, fully regulated by the Australian government and complies with the country’s Anti Money Laundering (AML) and Counter-Terrorism Financing (CTF) guidelines. On the other hand, Gobbill operates under a license issued by the Australian Financial Services.
As well as Cointree/Gobbill, a number of other services already offer crypto payment services in the country. The Living Room of Satoshi is now allowing clients to pay their bills using cryptocurrencies like Bitcoin (BTC) and Bitcoin Cash (BCH) among several others. The platform utilizes the Lightning Network (LN), a second layer scalability solution designed to speed up bitcoin transactions.