Crypto enthusiasts in Australia can now buy bitcoin with cash from high-street stores, thanks to the new platform unveiled by cryptocurrency exchange, Binance.
According to Binance who made the announcement on Tuesday, the new platform, known as, Binance Lite Australia, is a cash-to-bitcoin brokerage service.
It is accessible through a network of 1,300-plus supported newsagents across Australia.
At the moment, only bitcoin can be bought on the platform using the Australian dollars (AUD), Binance has however confirmed that it plans on introducing more cryptocurrencies and fiat options in the nearest future.
HOW IT WORKS
Before a user can place an order to purchase bitcoin, they must first pass an account verification process, after which they can now deposit cash at the nearest newsagent and receive their crypto “within minutes.”
Using the platform attracts a 5 percent charge as transaction fee for bitcoin bought.
The Chief Financial Officer of Binance Wei Zhou, while speaking, said the new platform will further bolster acceptance of cryptocurrency in Australia “by providing easier ways to buy bitcoin.”
He added that Binance will work out plans which would ensure that the fiat-to-cryptocurrency services is expanded to other countries.
In January, it would be recalled that Binance introduced similar services which allows users to trade and buy bitcoin (BTC) and ethereum (ETH) using the British pounds and Euro on the island of Jersey, a British self-governing dependency.
Not forgetting that in June, 2018, the firm also launched a fiat-to-crypto exchange in Uganda.
However, Binance through an alliance with an Israeli-based payment processor, Simplex, has recently completed modalities which allows users buy cryptocurrencies with credit cards through its official wallet, Trust Wallet.