Business briefing
TriEx Health sale Trade Me offers bitcoin warning
Multinational insurance claims manager Gallagher Bassett has bought local workplace health and safety services provider TriEx Health, Safety and Wellness for an undisclosed sum. Gallagher Bassett, which last year bought Australian claims management company Stream Group’s New Zealand subsidiary Symfetri for up to $25 million, will take on current directors Sarah O’Connell and Rob Acutt. O’Connell will become general manager of TriEx. Gallagher Bassett says it is the largest multi-disciplinary third party claims administrator in New Zealand, and manages claims on behalf of insurers, brokers, government bodies and self-insured organisations. It is becoming increasingly common to see some online sellers accepting cryptocurrency bitcoin as a method of payment on sites such as Trade Me — but this comes with a warning. Jon Duffy, head of trust and safety at Trade Me, said while the site did not allow the sale of bitcoin or any other digital currency, sellers could accept it as payment, although it was “not without risk or controversy”. “We don’t endorse it as a payment option for transactions made on Trade Me, however, some members may choose to transact via bitcoin when they’re wheeling and dealing, [for example] a transaction for a car advertised via a classified listing. People . . . should make sure they understand the risks involved.” The digital currency is unregulated and has its sceptics. Trade Me’s safety section says the restriction on digital currency sales is due to concerns about people getting a fair deal and until the currencies mature, they can’t be listed. “We’re keeping an eye on how cryptocurrencies evolve,” Duffy said. “There are a few . . . but they’re all a little early in their development cycles for us to take the plunge and enable them as payment methods on Trade Me. “We’ll review our position down the track, especially if one of the available cryptocurrencies gets wider uptake in New Zealand and some of the volatility we have seen in the underlying value of these types of currencies eases the risk . . . around these potential payment methods.” Auctions listed as accepting bitcoin payment included a number of services, phones, technology and a Porsche. Some listings were adverts for bitcoin services, including offers to buy and sell it. A Trade Me spokesperson said it allowed services connected with the infrastructure, such as storage and encryption, to be advertised.