IVYPAY ENABLES AUSSIES TO SEND CRYPTOS TO BANK ACCOUNTS

Australians can now easily convert their crypto into fiat and transfer it straight into a bank account or pay a bill, thanks to the launch of IvyPay.

The platform, from blockchain tech company Ivy in partnership with cryptocurrency broker service HiveEx.com is now officially available in Australia, and is planned to launch in other countries, including the United States soon.

The platform enables people to conveniently use their cryptocurrency in the real world, with a low fee structure consisting of a nominal rate on the currency spread and a 2% fee. Things get even cheaper if users choose to pay with IvyKoin.

President of Ivy, Ash Shilkin, said: “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 fiat currency deposited in their bank accounts at some of the lowest rates on the market.

“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.”

A recent study of just under two thousand Australians, commissioned by HiveEx and IvyPay, revealed that 13.5% no own cryptocurrency, and of those who don’t, nearly 50% said they would either purchase or consider purchasing some if they knew they could transfer it directly into their bank accounts.

Based on the results, it is estimated that over 2.5 million Aussies now hold crypto of some sort, with more than 2,500 bills per month being paid using cryptocurrencies.

Co-founder of HiveEx.com, Fred Schebesta, commented: “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. It was created to be used as an alternative to fiat and banking institutions, by transferring crypto through blockchain technology as a more secure and transparent way of sending money.

“Cryptocurrency has no borders or country association, which means, for example, you could pay someone in the USA with crypto instead of paying exchange fees to convert Australian dollars into US dollars.

“It’s inevitable that crypto will have mass adoption when we create more ways to use it that are easier and cheaper alternatives to traditional banking. It’s going to shake up the way we pay for everything.”

As AYO.NEWS reported last month, Crypterium has launched a similar service in the United Kingdom (read more about that here), enabling customers to transfer their cryptocurrencies to the their bank accounts.