Ivy and HiveEx Collaborate in Australia
November 19, 2018 11:50 am
A new service is aimed towards making Australia favorable for cryptocurrencies. IvyPay has announced a partnership with HiveEx.com, a cryptocurrency brokerage, and Ivy, an Australian blockchain company. This collaboration will allow users to pay bills and facilitate direct bank transfers.
The existing infrastructure poses a challenge and this service intends to promote the mainstream adoption of cryptocurrencies.
“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.”
Users will be charged a small percentage fee for every transfer that they make.
HiveEx recently carried out a survey that found that 10 percent of users find it difficult to transfer their cryptocurrencies into their existing bank accounts. This poses a major roadblock for adoption of cryptocurrencies.
Another survey that was carried out by HiveEx and IvyPay found that there are about 2.58 million Australians who currently in possession of cryptocurrencies.
Mr. Schebesta said
“We think that this will inevitably increase as there are more options to use it. 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.”