Regulatory approvals

Gobbill is an authorised representative of an Australian financial services licence holder under ASIC, while Cointree is licensed under AUSTRAC to meet anti-money laundering and counter terrorist financing obligations.

Mr Shendon said Gobbill was still pre-revenue, but the three-year-old start-up had recently started charging small businesses a fee to digitise their invoices.

"We've grown to a point where we're now capital raising ... for the first two years it was just my co-founder and I and it was a lot of research and development and testing," he said.

"We only launched in the last year and we have a small number of users, but the partnership with Cointree and with our other with MyProsperity we'll see more growth."

Cointree launched in 2013 with the purpose of making it easier for people to buy and sell bitcoin, and it now has 60,000 active members and has facilitated 100 million transactions.

The exchange has 40 types of cryptocurrency currently, including Ripple, NEO and Litecoin, as well as the two most popular cryptocurrencies Bitcoin and Ether.

Paying with crypto


Cointree operations manager Jess Renden said Cointree also had its own service that lets users pay bills, but hoped this partnership would make it an easier process and open it up to more people who had not experimented with cryptocurrencies before.

"Last year alone we had about $100 million of bills paid in Australia and saw ten times growth in this payment feature," she said.

The business has recently rebranded and relaunched its exchange with the intention of going global. The first step in this facilitating token-to-token trading in international markets, which is not regulated in the same way as token-to-cash trades.

Eventually it hopes to also get approvals from international regulators to offer its full service.

The price of bitcoin dropped significantly this year from record highs of more than $25,000 in December to under $9000 in early February.

Since then the price has continued to fluctuate, but stayed relatively low compared to last year's highs. Currently one bitcoin is fetching around $8750.

Despite the significant price decline, Ms Renden said it was not deterring traders.

"The market goes up and down. All of us would like a magic ball that could tell us when it will go up and down next, but we have a lot of different customers with different investment strategies. It's not always dependent on price dips and highs," she said.

"It's something we're becoming used to every day and there hasn't been a complete drop off in traders, so that's how the exchanges are still chugging along."