SYDNEY, June 28, 2018 /CNW/ -- Blockchain startup Ivy (formerly known as IvyKoin) and cryptocurrency OTC broker service HiveEx.com, have today announced an exciting new partnership, which will provide a solution to validate and process cryptocurrency into Australian Dollars via a new product, IvyPay.
IvyPay will launch in Australia this year, allowing consumers to convert their cryptocurrency into Australian Dollars, depositing directly into their Australian bank accounts.
The platform will utilise Ivy's KYC/KYT (Know Your Consumer/Know Your Transaction) blockchain technology and smart contract through the IVY token, to meet financial institutions' identity verification, regulatory and compliance requirements.
Ivy was founded in 2017 and is part-owned by ASX-Listed Change Financial (ASX:CCA, OTCQX: CNGFF). Earlier this year, Ivy raised over US$17 million in a private sale of tokens to build out its blockchain-based payments solution for financial institutions.
"As we continue to develop our technology for B2B payments based on feedback from banks in the US and abroad, we are excited to extend the use of our solution for consumers," said Gary Fan, President of Ivy.
"Australia is an excellent market for us to use as a proof of concept of our technology as we continue our discussions with regulators and financial institutions across the globe."
HiveEx.com was created by the co-founders of global personal finance comparison website, finder.com, to service large cryptocurrency trades. The company launched in February 2018, and has processed over $15 million in trades to date.
Fred Schebesta, Co-Founder and CEO of HiveEx.com will be joining Ivy's board of advisors. Mr Schebesta holds 15 years' experience in the fintech and digital marketing space, including launching finder.com in 10 countries. He is an award-winning business leader who is well known in the cryptocurrency industry as a successful entrepreneur, advisor and speaker.
Mr Schebesta said: "IvyPay will take cryptocurrency usability to the next level and will be the unlock that the industry has been waiting for. We are excited to be partnering with Ivy to bring this idea to life.
"Our research shows that there are already one million Australians estimated to be trading cryptocurrency, worth an estimated $2.6 billion. With IvyPay, it will give more people a reason to start trading cryptocurrency because it will become more accessible."
IvyPay will launch in late 2018. For more information, sign up for updates at ivypay.net.
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SOURCE Ivy and HiveEx.com