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Binance, one of the world’s largest cryptocurrency exchanges, last week launched “Binance Lite Australia,” a service for buying Bitcoin (BTC) with cash in Australia.
Spreading Across The Globe
This service is this exchange’s first entry into the continent. It ensures users can buy from over 1,300 different Newsagents across the island, according to an official blog post.
At the start, this service will only support Bitcoin purchases. However, more currencies and even fiat conversions will come available as time passes.
Wei Zhou, CFO of Binance, commented on the service:
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy [Bitcoin]. 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.”
However, note that users must verify their accounts with Know-Your-Customer (KYC) policies via the application. Once done, users can place an order via the internet, pay cash at a Newsagents, and get their BTC “within minutes”. Information is protected by “state-of-the-art order processing technology” for ultimate security.
Streamlining The Buying Process
Binance has long been making it easier for investors to get involved in cryptocurrencies, however.
Earlier this year, the company finally enabled credit-card payments on its exchange. That, and it premiered Binance.je: a fiat-to-crypto exchange with no deposit fees. This is also one of the cheapest spaces to convert Euros and British Pounds into Ethereum (ETH) and Bitcoin. The platform also launched a Ugandan branch, also known as a “fiat gateway” for trading Ugandan Shillings into crypto.
Also, in 2018, the exchange put $2.5 million into TravelbyBit, an “Australian Bitcoin travel startup” that provides “global travel booking services” that users can buy through cryptocurrencies. This platform will also help merchants accept payment via BTC and the exchange’s own cryptocurrency, Binance Coin (BNB).
“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause,” says Zhou, ending the blog post.