In a major move to help Australians make full use of their cryptocurrency, two of Australia’s companies have joined hands to deliver a seamless service. Christened as IvyPay, this is a partnership between Australia’s cryptocurrency brokerage HiveEx.com and Ivy, a blockchain based technology company.
This will not come as a surprise since this agreement was worked out earlier this year and was scheduled to be rolled out later in the year. The service will provide a solution to validate and process cryptocurrency into Australian Dollars.
IvyPay will allow customers to convert their cryptocurrency into Australian Dollars and deposit directly into their Australian bank accounts. The platform will leverage Ivy’s Know Your Consumer/Know Your Transaction blockchain technology and smart contract to meet financial institution’s regulatory, identity verification and compliance requirements.
“Despite cryptocurrency being around for the past decade, it still has quite a while to go before it’s as widely used as fiat currencies, like the Australian dollar. We wanted to help build a platform to bridge the gap between fiat and crypto”, said Fred Schebesta, co-founder of HiveEx.com.
Ivy was founded in 2017 and is part-owned by ASX-Listed Change Financial. Earlier this year, Ivy raised over 17 million U.S. dollars in a private sale of tokens to build out its blockchain-based payments solution for financial institutions.
“As we continue to develop our technology for B2B payments based on feedback from banks in the US and abroad, we are excited to extend the use of our solution for consumers. Australia is an excellent market for us to use as a proof of concept of our technology as we continue our discussions with regulators and financial institutions across the globe”, said Gary Fan, President of Ivy.
HiveEx.com was created by the co-founders of a global personal finance comparison website to service large cryptocurrency trades. The company launched in February 2018 and has processed over 15 million U.S. dollars in trades to date.
A HiveEx survey found 10% of respondents had concerns regarding unable to transfer cryptocurrencies into their traditional bank accounts. It was a major hurdle to get involved.
A survey commissioned by HiveEx and IvyPay found that 2.58 million Australians own some form of cryptocurrency. The cryptocurrency trade transacted by these Australians was an estimated 2.6 billion U.S. dollars.
IvyPay will also allow crypto owners pay their bills using their assets. Users will pay a small percentage fee for each transfer.
“Mr.Schebesta further added, “We’ve seen the power of this technology and how it can become a better banking system, but without mass integration and acceptance by traditional financial institutions there are limited ways of using it”.
There is absolutely no doubt that Australians will well receive IvyPay. The service encourages versatility and is bound to scale in the future.