Blueshyft partnered with Australian cryptocurrency startup, CoinSpot, to launch a service that allows customers to pay for Bitcoin, Ether and other digital currencies using cash in a trusted, retail environment.
The cryptocurrency revolution is coming to your local newsagent. Since 2016, enthusiasts have been able to purchase bitcoin over the counter in a local store via the blueshyft platform. Through a new partnership with CoinSpot, that has now been expanded to include numerous other cryptocurrencies, including Ether, the biggest rival to the dominance of bitcoin in the digital currency world.
blueshyft CEO Kain Warwick describes the new in-store offering as a significant improvement to the availability of Ether and other digital currencies for consumers.
“More Australians are becoming interested in cryptocurrencies beyond bitcoin. This partnership with CoinSpot now provides a simple method for consumers to buy many different currencies in a convenient location,” Warwick said.
Since 2016 and the launch of Bitcoin in Newsagencies, a lot has changed, with Bitcoin’s market cap growing from $10B to $50B in just 12 months, and with new ‘alt-currencies’ such as such as Ethereum, Litecoin and Zcash booming, the overall crypto market has grown to $150B.
This growth is in part due to interest from the big banks and corporate giants (with notables including ANZ, Westpac and Microsoft), who are developing solutions that are underpinned by blockchain technology.
“With recent Government changes to GST law and the updates to the current AML/CTF Act to bring digital currency businesses within its ambit, our innovative industry is in the midst of a rapid growth period,” says CoinSpot’s founder, Russell Wilson.
“This service will make it even easier for Australian cryptocurrency enthusiasts to participate in new projects, and blockchain solutions will transform many industries over the next decade, but we are still very much in the early days ,” Warwick said.
CoinSpot exploded onto the Australian digital currency scene in 2013, providing a secure platform that aimed to break down technical barriers and enable a greater number of Australians to access digital currencies. The last year has seen incredible growth across the business.
“We are proud to be working with local businesses in partnership with blueshyft,” says Wilson, “To provide our customers with an easy deposit option and expose a wider Australian audience to the potential of blockchain technology.”
This retail experience further legitimises digital currencies, making them a more tangible asset and far easier for all Australians to access safely.