Cash-To-Crypto Brokerage Service Launched By Binance In Australia

News | March 21, 2019 By:

Binance, the world’s largest cryptocurrency exchange, has unveiled a new platform to buy crypto to support adoption of cryptocurrency use in Australia.

Dubbed Binance Lite Australia, the new platform is the company’s first fiat gateway on the blockchain continent, and provides a secure and reliable cash-to-bitcoin brokerage service through a network of more than 1,300 supported newsagents across Australia.

The new platform, which currently offers the option to buy bitcoin in Australia using cash (AUD), aims to bridge the gap between cash and cryptocurrency and provide a user-friendly platform that further strengthens cryptocurrency adoption in Australia. Once users have completed the account verification process, they will be able to place an order online, deposit cash at the nearest newsagent store, and receive their crypto “within minutes.”

“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy bitcoin,” said Wei Zhou, Binance CFO. “We are excited to continue to roll out more fiat to crypto gateways around the world to support the growth of our industry. We firmly believe that more adoption will lead to more innovation and more economic opportunities. Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”

In October 2018, Binance invested $2.5 million in TravelbyBit, an Australian bitcoin travel startup that designs tourist routes and provides selected providers with its very own digital currency payment platform.