Australian serviced office firm Business Hub will accept cryptocurrency as payment for rent on serviced office space and other business services as of July 1, the first day of Australia’s financial year.
Fast Facts:
- Speaking to Forkast.News, Business Hub CEO George Kipriz said the firm had made the decision after in-house research found that 20% of Australians were investing in crypto in some form. “We thought we’d be a first-mover in the industry, and we decided to roll out crypto as a form of payment. And already since a few articles have been posted, we’ve had a few members join up already using that scheme,” Kipriz said.
- The Adelaide-based company either converts its crypto income into Australian dollars on the day of payment or keeps it on its balance sheet because it “believe[s] in cryptocurrency as a future payment method.” It will initially be accepting Bitcoin and Ether, but plans to accept more cryptocurrencies in the future.
- Australia is seeing increasing adoption of cryptocurrencies as a payment option. Utility company Queensland Solar & Lighting, internet service provider Launtel and even Flinders University in South Australia are all accepting Bitcoin as a form of payment.
- Business Hub’s decision follows a recent report by crypto exchange Kraken that found nearly 40% of Australian millennials would rather invest in cryptocurrency than real estate. The study also found that 22% of the same age group believe crypto is a more effective way to grow their wealth than by using banks.