Binance, the world’s biggest cryptocurrency exchange by adjusted trading volume has announced the introduction of cash to crypto payments for its Australian customers. The exchange has launched a new service called Binance Lite Australia, marking the exchange’s first fiat gateway to the nation.
The new service will provide customers with secure and reliable access to cryptocurrencies through a network of 1,300 plus network of physical stores nationwide. Currently, the exchange will allow buying cryptocurrencies in AUD with plans to support more digital currencies and fiat purchasing options at later stages. According to the press release by the exchange, the platform’s user-friendly approach will help it to strengthen the crypto adoption.
The service Binance Lite Australia can be accessed through www.binancelite.com and is the first company in the nation to offer cash-to-bitcoin brokerage services through Newsagents channels, based on alliances with domestic franchises. Verified clients can place an order online through the exchange and make payments in cash at the nearest Newsagent store to receive crypto within minutes.
Binance Chief Financial Officer (CFO), Wei Zhou, said:
“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”
“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.”
For Binance, this is not the first time in Australia; they have invested USD$2.5 million in TravelbyBit, an Australian Bitcoin travel startup, that enables crypto payments for tourist without the need to exchange fiat currencies. Australia comes in a list of crypto friendly countries, from declaring it as a legal tender to simplify rules on exchange registration and taxation of crypto purchases.