Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, has started allowing its Australian users to buy bitcoin with cash through its news subsidiary Binance Lite Australia.
The new service is aimed at helping customers acquire cryptocurrencies at over 1,300 physical stores nationwide. The exchange also plans to expand its supported coins in addition to growing the online cash-to-crypto payment ecosystem.
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Binance Lite Australia, which can be accessed through www.binancelite.com, is the first domestic company to provide cash-to-bitcoin brokerage service through Newsagents channels, based on alliances with domestic franchises.
The exchange explained that verified clients can place an order online and make payments in cash at the nearest Newsagent store to receive crypto within minutes.
Australia has been a relatively friendly region for cryptocurrencies for a while, starting from declaring cryptocurrencies as legal tender, to its clear rules on exchange registration and taxation of crypto purchases.
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“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause,” said Wei Zhou, Binance CFO.
More initiatives from Binance
Expanding into the Australian market comes a few months after Binance has backed Australian travel startup TravelbyBit, which enables cryptocurrency payments for tourists without the need to exchange fiat currencies at high rates. The exchange poured over $2.5 million into the startup with the goal to develop a blockchain-based, point-of-sale (POS) payment system across major airports around the world.
Also in January, Binance enabled users to buy cryptocurrencies with their credit cards directly on Binance.com. The new feature is enabled by Binance’s new partnership with Simplex, an Israeli-based credit card payments processing company.
“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,” added Wei Zhou.
Binance was the world’s second most active crypto exchange over the past 24 hours, according to Coinmarketcap.com, hosting $705 million worth of cryptocurrency trades.