Cryptocurrency trading platform HiveEx has partnered with blockchain company Ivy to provide a service to process cryptocurrency into Australian dollars.

The new service IvyPay will launch later this year, allowing customers to convert their cryptocurrency into dollars and have it deposited into their Australian bank accounts.

Ivy (formerly IvyKoin) has know-your-customer and know-your-transaction technology on the blockchain, which will meet identity verification rules and other regulatory requirements.

Ivy was launched last year and is part-owned by ASX-listed Change Financial, which operates the mobile banking service ChimpChange.

Ivy already has a B2B payments system under development and the partnership with HiveEx will extend its blockchain technology to consumer payments.

HiveEx was launched earlier this year by finder.com to provide an over the counter service for large cryptocurrency trades. Since February it has processed $15 million in trades.

HiveEx chief executive Fred Schebesta says: “IvyPay will take cryptocurrency usability to the next level and will be the unlock that the industry has been waiting for.”

Schebesta says finder.com research shows there are one million Australians trading cryptocurrency.

“IvyPay will give more people a reason to start trading cryptocurrency because it will be more accessible,” he says.