Excited to finally announce our partnership with @gobbill , this partnership will enable automated bill payments with cryptocurrency! More via https://t.co/ZDyEhmtc1e #bills #crypto #fintech #blockchain #cryptocurrency #gobbill #cointreeau #AI pic.twitter.com/PJxdtd98ha
— Cointree (@CointreeAus) August 20, 2018
According to the announcement, users from both platforms will soon be able to pay household bills using their crypto stored in Cointree wallets. The exchange platform currently offers support for 40 different cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, NEO, and various others.
In an interview with Financial Review, Gobbill co-founder Shendon Ewans has stated his interest in the service sprung from his own fascination with cryptocurrency, noting “I have traded, but not very successfully. That was the appeal of Cointree. I’m a novice and I’m surrounded by people at [fintech co-working space] Stone and Chalk, who are deep crypto specialists.”
Prior to this announcement, Gobbill allowed its users to automatically pay bills from their bank accounts and credit cards. With the new partnership, users will be able to seamlessly integrate their crypto assets and select their digital wallet as a payment option. This is ultimately designed to increase the utility of cryptocurrencies, as each payment automatically converts the digital asset into fiat upon transaction.
Cointree is currently licensed under Australian Transaction Reports and Analysis Centre (AUSTRAC) to counter terrorist and meet anti-money laundering financial obligations, while Gobbill has recently acquired an Australian financial services license under the Australian Securities and Investments Commission (ASIC).
Cointree initially launched in 2013 to ensure Australians could easily purchase and sell Bitcoin. The service now contains over 60,000 active members with more than 100 million individual transactions to date. The company has also recently outlined plans to rebrand in an effort to tackle the international markets.