In case you missed it, cryptocurrency is a bit of a big deal in Australia right now.
Over the last year it's estimated over $8 billion worth of crypto was traded in Australia, $4 billion of which was traded on Australian platforms.
But there's still a big hurdle for crypto to overcome before it can move beyond its status as a fiat currency to become something Australians can actually use.
Developed by Sydney-based future-tech company Lakeba Group, Paid By Coins is set to dramatically shake up the crypto sector by finally giving Aussies some options when it comes to using Bitcoin, Ethereum and the multitude of other coins out there.
With two different products - a B2C portal and a white-labelled payment solution - Paid By Coins is stepping in to give Australian crypto players more options.
Marco Manera, COO of Lakeba Group and CEO of Paid By Coins, likens the new white-label crypto payments solution to a PayPal for cryptocurrency.
"Let's say you have an Australian online business. You already accept various payment options like direct debit, credit cards, and PayPal," says Manera.
"It's just a matter of using our API [application programming interface] to add an additional option and immediately you'll be able to accept payments in a number of cryptocurrencies."
This system is going to be big news for many Australian retailers who are often intimidated by the thought of accepting crypto as payments online. But the incentive for businesses to start accepting crypto is huge, especially considering the vast number of Australians currently trading in the blockchain-based currency.
"We had a situation where a lot of people were holding and trading with cryptocurrencies in Australia, but there were very few opportunities to actually spend it," says Manera.
"The vast majority of businesses do not accept cryptocurrency for a number of reasons; it's complex, they're concerned about taxation, they're concerned about accounting, and don't know how to process it."
"We wanted to assist local businesses to accept cryptocurrencies without all the complexities."
Paid By Coins' API product works by allowing customers to pay with crypto and businesses to receive Australian dollars in return. All of the processing and exchanging of the crypto happens behind the scenes at Paid By Coins, with the transaction happening almost immediately.
The company also runs a similar solution online that, until the API of Paid By Coins, has been its core business.
Working similarly to the online payments system, Australians are able to log on to Paid By Coins to pay bills, rent and electricity. The site generates a unique wallet for the transaction in which users can pay to BPAY or Australian bank accounts.
"We opened this portal only a few months ago and we were really surprised by the success we're having," says Manera.
"We are approaching $1 million a month in transactions through this portal."
With a number of high-profile Australian businesses including ASX-listed investment companies and law firms jumping on board Paid By Coins, it's certainly gearing up to be a massive success for Lakeba.
For more information about how you can start accepting cryptocurrency for payments online, visit www.paidbycoins.com.
This article was written in partnership with Lakeba Group.
Business News Australia
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