Gobbill, engaged in bill payment, and Cointree have joined hands to promote bill payments with the help of cryptocurrencies in Australia. The interesting feature of the alliance is that customers could pay any virtual assets whether the billers are ready to accept them or not. At the same time, the facility is available to the digital currency exchange users alone. Australia has already been in the forefront for adopting the virtual asset, and this is one more feather in its cap.
The two companies have announced that their partnerships will enable both platform users to make their household bills without any troubles by using cryptocurrencies stored in the exchange’s wallet. They have also clarified that the bills issued by any service provider in Australia could be routed through its system, news.bitcoin.com reported. This included insurance, utilities, council rates, and telecommunications. Cointree indicated that it is working to integrate with Gobbill so that the exchange could be used for settling bills.
The cryptocurrency exchange representative told the media that it would take a month for the integration to be completed. Once that is done, users could pay their bills with any digital coins. However, users could continue to pay bills with bitcoin cash with the help of the exchange’s platform until other digital currencies are allowed. For its part, Gobbill declared that users could link a digital coin wallet in their account. This would allow them to opt for paying their bills through different modes.
Among the modes, bank account, credit card, and a specific virtual asset could be used to make payment of any bills. The digital currency exchange has claimed that it has more than 50,000 members and more than AU$ 100 million worth of bills were paid in 2017 through cryptocurrencies. As far as the current year is concerned, the company has already indicated that it witnessed ten times growth in bill payments for the same period.
The most important aspect is that the virtual asset exchange is registered with the regulator and monitoring organization for both AML, as well as, CTF. Similarly, the bill payment firm is a license holder for financial services in Australia. There are 27 cryptocurrencies that are listed in Cointree digital currency exchange currently. This included BTC, BCH, ETC, ETH, NEO, TRX, XRP, QTUM, ONT, ES, DASH, ADA, ICX, and ZRX.
The exchange indicated that it would add ten more to its existing virtual assets listed on it. This could happen when the next update is deployed probably before next week. The company disclosed that after the integration process is completed, it anticipates listing 50 – 100 digital coins in the exchange.
Currently, there are already several service providers that accept bills payments though with a small quantum of digital coins only. For instance, Living Room of Satoshi has been accepting bills with bitcoin core currency for a long time. The company also accepts eleven other virtual assets through the lightning network. As a result, more than 100,000 bills were settled through cryptos.