Paid by Coins launches for cryptocurrency BPAY in Australia
Instant, feeless bitcoin and Ethereum to fiat conversions, with savings of up to 10% on market rates. Fancy.
Paid by Coins, backed by Lakeba Group venture capital, has launched a new platform to let its users convert cryptocurrency to cash, either by paying BPAY bills with it or sending it directly to bank accounts, much like Living Room of Satoshi.
At the moment it appears to only take bitcoin or Ethereum payments, unlike LROS which accepts a much wider range of cryptocurrencies. But according to Giuseppe Porcelli, Lakeba Group CEO and founder, it offers one significant difference.
"As an added bonus, by using Artificial Intelligence (AI), the Paid by Coins platform scans the Internet for the best exchange rate, which can save the payer up to 10% on the prevailing rate."
"The future is here now. Our new venture Paid by Coins enables quick and seamless payment of any bills that accept BPAY using coins, enabling thousands of Australian consumers to use digital currencies for their everyday expenses," Porcelli said. "We conservatively forecast $50,000,000 in transactions for the 2018 calendar year."
A growing number of merchants are accepting cryptocurrencies around Australia, but Paid by Coins is up and running now and offers seamless transfers of cryptocurrency directly to bank accounts. If the price AI is able to deliver the benefits Porcelli mentions, it might also be one of the more cost-effective ways to sell bitcoin and Ethereum on demand, at competitive rates and with no registration required.
According to the Paid by Coins FAQ, there are no fees at all and it makes money from the spreads instead. If Paid by Coins can do everything promised, it might be a very tempting proposition.
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Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, NANO, SALT, BTC