The recent trend that has picked up the pace in Australia is of paying bills using cryptocurrencies. Thanks to a Cointree, a cryptocurrency exchange and automated billing platform Gobbill, you can now pay your telecom bill, insurance bill or even light bill using cryptocurrencies. Gobbill will play the role of a mediator. They will take the funds from its users and pay the bills on their behalf.
Gobbill has an Australian financial services licence under ASIC. Meanwhile, Cointree is licensed under AUSTRAC to meet anti-money laundering and counterterrorist financing obligations. Therefore there is no further approval in any form required to kick start it.
According to Shendon Ewans, co-founder of Gobbill, recently their three-year-old start-up has started charging small businesses a fee to digitise their invoices. The company has grown to a point where they have now finally begun to raise some capital. He further said,
“We only launched in the last year and we have a small number of users, but the partnership with Cointree and with our other with MyProsperity we’ll see more growth”.
Shendon further added that Cointree was launched with the purpose of making convenience for people to buy and sell bitcoin. Currently, the exchange has 60,000 active members and has facilitated 100 million transactions with 40 types of cryptocurrency. It includes every major cryptocurrency- from Bitcoin, Ripple to Ethereum and Litecoin.
Jess Rendon, operations manager of Cointree remarked that though the exchange also has its own service that allows the users to pay bills, this partnership would further help in making the process easier. Moreover, it would also help in opening it up to more people who had not experimented with cryptocurrencies before. About $100 million of bills were paid last year alone. The exchange also witnessed ten times growth in this payment feature.