Two Australian blockchain startups IvyPay, HiveEx.com launch their crypto service that will let crypto owners use their assets to pay bills or transfer funds directly into their bank account.
IvyPay was founded in 2017 and is part-owned by ASX-Listed Change Financial. Earlier this year, Ivy raised over US$17 million in a private sale of tokens to build out its blockchain-based payments solution for financial institutions.
HiveEx.com launched in February 2018, it was created by the co-founders of global personal finance comparison website, finder.com, to service large cryptocurrency trades. and has processed over $15 million in trades to date.
The service aims to overcome a big mainstream objection to cryptocurrency.
That is, it could be useful at some unspecified future date, but now serves no real purpose due to existing infrastructure.
Users will pay a small percentage fee for each transfer.
Fred Schebesta, co-founder of HiveEx.com said:
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.
We wanted to help build a platform to bridge the gap between fiat and crypto.
A HiveEx survey found 10 percent of respondents cited being unable to transfer cryptocurrencies into traditional bank accounts was a big hurdle to getting involved.
We think that this will inevitably increase as there are more options to use it.
Mr. Schebesta said.
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.