Residents of Australia can now pay their everyday bills using bitcoin and other cryptocurrencies regardless of whether the business takes on digital assets, according to the Financial Review. This option was made possible through the partnership of the Gobbill billing platform and the Australian Cointree exchange.
“We started only last year and we do not have too many users, but thanks to the partnership with Cointree we hope for the influx of customers. In the future, we will see if this becomes part of our daily lives. Gobbill allows you to pay your payment documents through a bank card or account, and now the list has also been added with crypto currency, ” Gobbill co-founder Shandon Evans commented on the deal.
Cointree exchange previously provided users with the opportunity to pay bills using cryptocurrency, but it wasn’t available to all the citizens but with this new partnership, the service should become more convenient for all customers.
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The Gobbill platform will be used as an intermediary to raise funds and pay bills. The major issue with accepting cryptocurrencies as a mode of payment is the fear of possible depreciation of value. This is because, cryptocurrencies are highly volatile in nature, i.e. they largely fluctuate in value. But, how have Cointree and Gobbill managed to convince several companies to accept payment in the form of cryptocurrencies? Well, here’s how.
Australians can pay any bill (within the country) using cryptocurrencies, irrespective of whether or not the company accepts crypto payments. The billion platform, Gobbill, takes care of this issue. They accept the payment from the customers in the form of crypto and pay it to the companies in the form of fiat currencies.
Cointree, the crypto exchange run by a team of enthusiasts who strive to make crypto payments easier, is in charge of converting the crypto into fiat. The introduction of the crypto mode of payment will not replace the other payment methods. Users can still pay using their credit cards or bank accounts.
“Last year, we [Cointree] paid accounts for $100 million and noticed a great interest in such a service,” said Jess Rendon, the operations manager of the exchange.