Will Binance Lite Encourage Cryptocurrency Adoption in Australia?

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Binance, one of the world’s leading global cryptocurrency exchanges, has announced the launch of Binance Lite Australia, a cash-to-bitcoin brokerage service. This service will allow people to purchase bitcoins with cash at more than 1,300 participating newsagents across Australia. Binance is currently the world’s second largest cryptocurrency exchange, boasting a user-base from over 190 countries and regions and the ability to process more than 1.4 million orders per second. By moving into Australia, Binance hopes to create more interest in cryptocurrencies that will in turn encourage more innovation and developments within the blockchain industry.

In the last year, Binance has made meaningful efforts to expand fiat gateways to cryptocurrency markets globally. After launching fiat-to-crypto exchanges that allow users to trade Euros, British Pounds and Uganda Shillings with cryptocurrency, Binance announced that they would begin to accept credit card purchases of cryptocurrency in January of 2019. It has also been reported that the exchange plans to launch fiat-to-crypto exchanges across eight countries, with Singapore and Malta as confirmed locations. Binance has always shown a commitment to pushing cryptocurrency adoption globally through increasing the accessibility of the cryptocurrency market to mass market consumers. By expanding into Australia, Binance is capitalising on a new market that has shown interest investing in blockchain technology.

Binance Lite to Encourage Crypto-adoption in Australia

Binance Lite is not Binance’s first foray into the Australian market. Just last year, Binance invested $2.5 million USD in TravelbyBit, an Australia Bitcoin travel startup that was not only behind Brisbane Airport’s transformation into the world’s first cryptocurrency-ready airport, but also provides cryptocurrency travel booking services and a point-of-sale system allowing merchants to easily accept cryptocurrency. With Binance Lite, Binance is providing even more opportunities for Australians to interact with digital assets. The Founder and CEO of Binance, Changpeng Zhao stated, “Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”

This is the first time a well established global exchange is providing a fiat-to-cryptocurrency service in retail locations across Australia. With Binance moving in, perhaps other established cryptocurrency organizations will also look into investing locally into the Australian market.

“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,” said Wei Zhou, Chief Financial Officer of Binance. “We firmly believe that more adoption will lead to more innovation and more economic opportunities.”

As with any cryptocurrency transactions managed by an exchange, Binance Lite customers will still have to register with Binance, going through a full KYC/AML verification process. All transactions will be fully recorded, which might not be appealing to those who want anonymity in their cryptocurrency transactions. However, once completed, customers will be able to purchase bitcoin at 1,300 participating newsagents across Australia.

 

Photo by Dmitry Moraine on Unsplash

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