Australian Cointree exchange allows paying bills with crypto
Crypto

Australian Cointree exchange allows paying bills with crypto

By Marco Cavicchioli - 21 Aug 2018

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Recently, the Australian Cointree exchange and the financial platform Gobbill have signed a partnership that will allow users to pay electricity, gas, telephone and other bills with cryptocurrencies.

On Gobbill you can pay the major telephone operators, utility bills, insurance companies and more. Even if the companies that provide these services do not accept cryptocurrencies, with this partnership it will still be possible to pay using the alternative method.

In fact, Gobbill will act as an intermediary using Cointree to convert cryptocurrencies into Australian dollars whenever a user wants to use them to pay their bills.

Gobbill has a regular license for financial services of this kind in Australia and Cointree itself is authorized by AUSTRAC to operate in compliance with anti-money laundering and anti-terrorism regulations.

Cointree currently manages 40 different cryptocurrencies, including bitcoin, ether, litecoin, XRP and NEO.

In theory, the exchange would already have its own service to pay bills with cryptocurrencies, but this new partnership could greatly expand the pool of users who choose this new payment method.

Last year, Cointree paid around 100 million Australian dollars in bills, a ten-fold increase in the use of this service. Now the company expects a further increase in these volumes.

Lately, it seems that the initiatives that aim at allowing crypto payments, based on exchanges that convert them in fiat currencies to be able to make any type of payment, are spreading very much.

The main advantage is certainly that of being able to use cryptocurrencies to make any type of payment, while the main defect lies in the fact that the conversion operation has a cost that is added to the fees of the payment itself.

However, if their volatility is reduced, it could be a significant first step towards the mass adoption of cryptocurrencies also as means of payment.

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

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