Australia is becoming a major hub for cryptocurrency and blockchain activity. Two local companies are joining forces to build a new crypto-related service. Known as IvyPay, this solution makes paying bills with cryptocurrency a lot more straightforward. In doing so, the companies aim to make Bitcoin and altcoins appear more useful to the masses.
IvyPay Solves a Growing Problem
To date, the number of real use cases for cryptocurrencies remains limited. Bitcoin is often seen as an investment vehicle, rather than a currency. Solutions such as IvyPay can help change the world’s leading cryptocurrency’s public image. It is a new service launched by HiveEx and Ivy. Both Australian firms want to ensure cryptocurrencies are useful, rather than speculative.
Bitcoin is ten years old today. Although cryptocurrency has turned into a booming industry, the key problems still remain in place. Spending cryptocurrencies is very difficult, if not impossible. This creates a heightened demand for intermediary and convenient services. IvyPay can be of great value to Australians in this regard. The service primarily focuses on paying bills with crypto assets. It is also possible to transfer funds to one’s bank account directly.
This new service comes at an opportune time. HiveEx recently conducted a survey among its users to identify issues encountered while using cryptocurrencies. The inability of transferring money into a bank account has been one of the main problems so far. This is also what keeps so many people from getting involved in Bitcoin and altcoins. As such, IvyPay is designed to improve overall cryptocurrency usage across in Australia.
More Competing Services is Always Good
Australia is one of the few countries where paying bills with cryptocurrencies has been possible for years. IvyPay is going up against stiff competition in this segment. Living Room of Satoshi offers a very similar service. The company has built up a credible reputation over the years. Its focus spans Bitcoin and top alternative cryptocurrencies at this time.
According to LRoS, most users pay bills in the first half of the week. Clients mainly use this service to pay off credit card bills, as well as electricity & gas, phone & internet, and rent. Bitcoin remains the predominant currency used on this particular platform. Ethereum, Litecoin, and Dash are also growing in popularity. It is unclear which currencies IvyPay will support, as the service is not live yet.
If things go according to plan, this new service will launch in Australia in late 2018. Depending on the project’s success, an expansion to the US, Europe, and key Asian markets will be next. Services like these can make cryptocurrencies appear a lot more useful to everyday consumers. This product launch further helps legitimize Bitcoin and altcoins in Australia.
Which country do you think will be next to follow Australia’s lead? Let us know in the comments below.
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