Cryptocurrency owners and enthusiasts will now be able to pay for bills using their digital tokens, at least in Australia. This has been made possible by a partnership between Cointree and Gobbill. Cointree is a cryptocurrency exchange and a crypto wallet while Gobbill is an automated billing platform that are both based in Australia.
The joint venture will enable Australians to pay bills with digital tokens. According to a joint statement released by the two companies after the agreement, customers will be able to pay in digital tokens even to companies that do not support cryptocurrencies.
Gobbill will be the mediator in the transaction that will connect the two ends of the exercise. The platform will take funds from its users and pay bills on their behalf.
Late to the cryptocurrency party
According to Shandon Ewans, co-founder of Gobbill, it is unfortunate that the firm is just now realising the potential of the blockchain technology and how it can be leveraged to streamline the experience of a wide range of customers from all across Australia.
The co-founder admits that Gobbill is late to the cryptocurrency party. However, he goes on to express his joy in the partnership with Cointree terming it attractive.
On the other hand, analysts have termed the partnership with Gobbill “a feather in the cap for Cointree.” This is for the reason that the partnership goes a long way in promoting the crypto exchange’s strategy to make it easier for its clients to transact in Bitcoins. As per figures shared by the company, 100 million transactions have successfully been completed on the platform over the years from around 60,000 users registered on the platform.
The two companies are duly approved by the regulatory bodies of the country and therefore the partnership has nothing but competition to worry about. Gobbill holds an Australian financial and investments license (ASIC) while Australian Transaction Reports and Analysis Centre (AUSTRAC) legally recognizes Cointree via an issued license. The license is evidence that Cointree meets the anti-money laundering and counter terrorist financing obligations.
Further, Cointree has revealed plans to rebrand aimed at a foray into the international markets. The move is evidence of the increase utility of digital tokens.