Binance Lite Australia will allow people in Australia to buy Bitcoin using cash. To deposit cash, they will need to visit the nearest Newsagent store.
One of the major world’s cryptocurrency exchange Binance has announced the launch of its new platform dubbed Binance Lite Australia. It will provide Australian residents with an extremely easy way to purchase cryptocurrency using cash. Initially, it will be possible to buy only one crypto – Bitcoin.
What Binance Lite Australia Offers
The launch of Binance Lite Australia is a new milestone for Binance as it will be its first fiat gateway on the continent. The platform’s reliable and absolutely secure fiat-to-bitcoin brokerage service is to be provided through a wide Newsagent network. Now, the network already includes over 1300 members across Australia.
Though at the current moment, there is only one option offered: people in Australia can use the services of the new platform to buy BTC paying in AUD, the company is planning to add support for other digital and fiat currencies with a view to expanding the opportunities for its users.
Binance Lite Australia is expected to reduce the gap that currently exists between fiat currencies and digital assets which will contribute to further cryptocurrency adoption in Australia.
Speaking about their new initiative, Wei Zhou, Binance CFO, stated:
“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.”
To use the services of Binance Lite Australia it is necessary to go through a verification procedure on the official website. After verification is completed, users get an opportunity to place their orders online. To deposit their cash, they need to visit the nearest Newsagent store. Within several minutes crypto will be received.
Binance Lite Australia is a secure and absolutely simple way to purchase crypto using cash. “Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause,” added Zhou.
Binance Bridges the Fiat-Crypto Gap
It’s far not the first, and as we can suppose, not the last initiative of Binance aimed at facilitating the way people can interact with crypto using cash.
This year in January, it became known that Binance had integrated credit card payments on Binance.com and launched a new exchange platform named Binance.je which is a fiat-to-cryptocurrency exchange. The exchange has no deposit fees and one of the lowest fees for trading Euros and British Pounds with BTC and ETH.
Moreover, Binance launched Binance Uganda exchange that allows trading of Ugandan Shillings for cryptocurrency.
As for the activities of Binance in Australia, in 2018, it supported TravelbyBit, an Australian Bitcoin travel startup having invested $2.5 million in it.