Binance Launches New Cash-to-Bitcoin Service, Aiding Crypto Adoption in Australia
Leading cryptocurrency exchange Binance has launched a platform in Australia that will let people buy bitcoin using cash.
The initiative is provided via Binance’s subsidiary Binance Lite Australia and will be available to verified clients. The platform allows users to place online orders for the crypto then complete the purchase at Newsagent store using Australian dollars.
In an effort that could see many people acquire cryptocurrencies, Binance has partnered with Newsagent to launch the service at more than 1,300 physical locations in the country. That’s over a thousand more places where one can buy cryptocurrencies as usage for commerce purposes gains traction in Australia.
The move could see other coins offered as Binance has plans to support many of the digital assets supported on its Binance.com platform. The exchange also eyes growing its cash-to-crypto ecosystem.
Crypto enthusiasts hoping to access the Binance Lite Australia platform can do so by visiting binancelite.com. The service is the first cash-to-bitcoin brokerage to launch in the country and utilize the extensive Newsagents channels.
As one of the most crypto-friendly destinations, Australia has seen plenty of projects that aim at increasing crypto adoption and purchase, as well as platforms that allow users to pay for goods and services using cryptocurrencies.
The chief financial officer (CFO) of Binance Wei Zhou said that being at the “forefront of the blockchain,” makes Australia a big player in the growth of the crypto industry.
The project Down Under is a continuation of an aggressive expansion effort by the cryptocurrency exchange. The platform already supports a bitcoin promoting travel startup called TravelbyBit, which recently rolled out a project for travelers to pay for services at airports using cryptocurrencies.
Binance backed the startup with an investment of over $2.5 million, which TravebyBit said would be used to develop a point-of-sale (POS) system that allows for blockchain-based payment. The startup’s services will be available at leading airports worldwide.
Also in January, Binance enabled users to buy cryptocurrencies with their credit cards directly on Binance.com. The new feature is enabled by Binance’s new partnership with Simplex, an Israeli-based credit card payments processing company.
Wei added that the Binance Lite Australia initiative provides an avenue for promoting adoption of digital assets, with users now able to easily buy bitcoin. He noted that further adoption would pave the way for new innovations within the sector and therefore, give rise to new economic opportunities.