Two local Fintech startups in Australia are now making it possible for local Aussies to pay any bill in cryptocurrencies. Gobbill, an automated billing platform and Cointree, a cryptocurrency exchange, have partnered to allow Australians to pay in cryptocurrencies regardless of whether the company accepts the medium of exchange.
$100 Million in Bills Paid In Cryptocurrencies
According to the Financial Review, Jess Rendon, the Cointree Operations Manager, mentioned that Cointree initially created their service to allow users to pay bills via cryptocurrencies. The recent partnership between Cointree and Gobbill will, however, make the process easier and will open up the experience to more people who have not been exposed to the cryptocurrency industry.
“Last year alone we had about $100 million of bills paid and saw ten times growth in this payment feature,” said Rendon.
With the new partnership, Gobbill will act as the intermediate who takes the cryptocurrency funds and pays the bills using fiat currency on the customer’s behalf. Shendon Ewans, the co-founder of Gobbill, noted that while he only began to enter the cryptocurrency industry early 2017, he pointed out that the Cointree agreement and partnership was a great benefit for both parties.
“If we fast forward into the future and what we’re seeing is, like it or not, this will be part of our daily lives. Gobbill already let people pay bills from their cards or bank accounts, so now they can pay in cryptocurrency too.”
Both Companies Have Regulatory Approval
Although the regulatory space is quite unclear in the cryptocurrency sector, Gobbill has an Australian financial services license under the Australian Securities and Investments Commission (ASIC). Cointree also has a license under the Australian Transaction Reports and Analysis Centre (AUSTRAC) and therefore undergoes clear anti-money laundering (AML) and counterterrorist financing responsibilities (CFR).
Cointree recently rebranded with the intent of expanding internationally. Eventually, Cointree hopes to gain approval from international regulators so it can provide a full service globally. Unfortunately, the global cryptocurrency token-to-token market is currently not regulated in a way the token-to-cash trade is.
However, over time the international community may implement a more significant number of stable and robust regulations surrounding the industry to protect retail investors and ensure there are clear AMR and CFR rules.