Crypto Payments Platform Launched By Ivypay In Australia

Announcements, News | November 20, 2018 By:

Ivypay, a joint venture between blockchain firm Ivy and crypto broker service HiveEx, has officially launched its crypto payments platform in Australia to allow consumers to convert their cryptocurrency into Australian Dollars.

First announced in June of this year, IvyPay aims to bring cryptocurrency into the mainstream by streamlining the spending process. Its crypto payments platform will allow people to transfer their crypto straight into fiat money and into their bank accounts or pay a bill. The platform’s fee structure operates by charging a nominal rate on the currency spread and a two percent fee. If users elect to pay their fees in Ivykoin, this fee will be half the cost at 1 percent.

“Though we are still a way off from cryptocurrency being a widely accepted form of payment, our partnership with HiveEx will enable everyday people to use cryptocurrency to pay their bills, pay off their credit cards, or convert to Australian dollars deposited in their bank accounts at some of the lowest rates on the market,” said Ash Shilkin, president of Ivy. “We are pleased to have IvyPay on the market, while we build out the Ivy Network as a bridge between those with cryptocurrency and traditional financial institutions.”

According to a recent survey by Hiveex and Ivypay, about 2.58 million Australians already hold crypto, with more than 2,500 bills paid in cryptos in the country every month. Of those who don’t own crypto, 49.5 percent said they would purchase some or consider purchasing some if they could transfer crypto directly into their bank account.

“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,” said Fred Schebesta, co-founder of HiveEx. “We think that this will inevitably increase as there are more options to use it. 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.”