New platforms are helping to aid the adoption and integration of cryptocurrencies into our everyday lives. The launch of IvyPay, a platform built by blockchain-based tech company, Ivy, in partnership with cryptocurrency broker service, HiveEx.com, aims to help facilitate adoption, by allowing Australians to transfer their crypto straight into fiat money and into their bank accounts, and even pay a bill.
So we asked HiveEx co-founder, Fred Schebesta, when he thought crypto would go mainstream, the role IvyPay will play and a deeper dive into the platform.
“It will take at least 3-4 years, if not longer, before we see any real mass adoption of cryptocurrencies. We need to see more governments on board and more regulation before any mass integration takes place.”
More on IvyPay
IvyPay launched its beta version earlier this month and is officially available in Australia, 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 cheaper fee option and paid their fees with IvyKoin.
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,”
“Our exchange rate is based on an average price of the major Australian exchanges and it’s refreshed every 30 seconds. We add a small fee to protect us from exchange risk. IvyPay has been largely designed for the community, rather than an expensive service. It’s designed to offer the best value, the best customer service and incentivise the IvyKoin community.”
“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.”
Ash Shilkin, president of Ivy, also added “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,”
“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.”
Founded in 2017, Ivy is part-owned by ASX-Listed Change Financial (ASX:CCA, OTCQX: CNGFF), and raised over US$17 million at the start of this year in a private sale of tokens to build out its blockchain-based payments solution technology.
Check the website here.
HiveEx.com is the first business to launch by Finder Ventures, the venture capital arm of global comparison website Finder. It launched in February 2018 and helps people buy and sell large cryptocurrency trades of more than $50,000.
Thanks, Fred and Ash! Brilliant initiative from IvyPay, we hope more and more people benefit from the cost efficiencies!