IvyPay launched its beta version earlier this month and is officially available in Australia today, with plans to roll out in other countries like the United States later.
IvyPay helps bring cryptocurrency into the mainstream by streamlining the spending process. Its unique fee structure operates by charging a nominal rate on the currency spread and a 2 percent fee; however, this 2 percent fee is halved to 1 percent if users choose to pay with Ivykoin. Since launching IvyPay in beta, 30 percent of users have taken up the lower fee option and paid their fees with IvyKoin.
“Though we are still a way off from cryptocurrency being a widely accepted form of payment, our partnership with HiveEx will enable everyday Australians to use cryptocurrency to pay their bills, pay off their credit cards, or convert to Australian dollars deposited in their bank accounts at some of the lowest rates on the market,” said Ash Shilkin, president of Ivy. “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 study of 1,997 Australians commissioned by HiveEx and IvyPay found that 13.5 percent of Australians now own cryptocurrency. Of those who don't own crypto, almost half (49.5 percent) said they would purchase some or consider purchasing some if they could transfer crypto directly into their bank account. One in 10 of those who don't own crypto are hesitant to invest because they can't easily transfer it into their bank account.
An estimated 2.58 million Australians already hold crypto, with market analysis showing more than 2,500 bills are currently being paid in crypto per month, signaling the need for an easier way to convert crypto to meet consumer demands.
“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,” said Fred Schebesta, Co-founder of HiveEx.com. “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.”