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Cryptocurrencies

IvyPay platform launched for crypto transfer

Wednesday 21 November 2018 | 11:55 AM CET

Blockchain-based tech company Ivy and cryptocurrency broker service HiveEx.com have partnered to launch IvyPay platform.

This partnership allows people to transfer their crypto straight into fiat money and into their bank accounts or pay a bill. It also aims to enable everyday people 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.

IvyPay’s fee structure operates by charging a nominal rate on the currency spread and a 2% fee, which is halved to 1% if users choose to pay with IvyKoin. Since launching IvyPay in beta, 30% of users have taken up the lower fee option and paid their fees with IvyKoin. As such, a study of 1,997 Australians commissioned by HiveEx and IvyPay found that 13.5% of Australians now own cryptocurrency. 49.5% of those who do not own crypto said they would purchase some or consider purchasing some if they could transfer crypto directly into their bank account. 1/10 of those who don't own crypto are hesitant to invest because they can't easily transfer it into their bank account.

Moreover, 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.

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