Binance, one of the world’s leading crypto exchanges, is making it easier for customers in Australia to buy bitcoin.
The exchange has just launched its new platform in the country that will allow customers to walk into as many as 1,300 high-street stores and put down their money to buy the cryptocurrency. This is a revolution in terms of access to bitcoin and can be a game changer in the Australian crypto market.
Binance announced the launch of their Binance Lite Australia recently. The brokerage service works as a way to convert cash to bitcoin easily. This is done via a large network of newsagents all over Australia.
Now more than 1,300 locations will allow customers to buy bitcoin for Australian dollars. Binance says it plans to support other currencies going forward and allow fiat money to be exchanged for digital currencies.
The process is pretty easy. Customers will need to complete a simple account verification process and they can start buying bitcoin in just minutes. They will also be able to deposit cash for future purchases and receive crypto deposits. Binance Lite Australia will only be charging a five percent transaction fee for bitcoins bought using the service.
In a statement, Wei Zhou, Chief Financial Officer for Binance said
Binance Lite Australia further expands digital currency adoption by providing easier ways to buy Bitcoin at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.
Binance has been taking some big steps lately. In January, the company launched a crypto exchange in the island of Jersey. This allowed residents to use British pounds and euros to purchase bitcoin and ethereum. It has also recently allowed its official wallet ‘Trust Wallet’ to allow cryptocurrency purchases using credit cards. This was done with the help of Israeli payments processor Simplex.
This increased access to bitcoin is a big help in making the cryptocurrency accessible. The approach is similar to what French tobacco shops are doing. They have installed machines that allow people to buy bitcoin easily. The main difference between this and Binance’s option is that there is a seven percent transaction fee.
Binance is positioning this new system as the easiest way to get bitcoin in Australia. However, this convenience comes at a cost in transaction fees and the fact that it is not anonymous.