Binance has launched a new crypto-to-fiat gateway in Australia. The world’s leading cryptocurrency exchange by trading volume introduced “Binance Lite Australia” on Tuesday to support crypto traders, long-term investors and newbies who want an easy way to buy Bitcoin with cash.
Binance’s new cash-to-Bitcoin brokerage service will operate through a network of 1,300+ newsstands across Australia. The in-store purchases will require customers to complete a verification process in order to comply with AML regulations.
Binance Lite Australia allows users to place an order online and then deposit cash at the nearest newsstand to buy Bitcoin using cash (AUD).
The platform has plans to support additional cryptocurrencies and fiat purchasing options.
The new platform is part of Binance’s larger plans for global expansion that has seen a flurry of activity over the past 12 months. The company has developed an ecosystem of blockchain-related initiatives, exchanges, gateways and businesses to increase the adoption of cryptocurrencies worldwide.
For example, the company launched Binance Launchpad to raise funds for blockchain-based startups. Last month, it hosted a successful initial exchange offering (IEO) token sale for Fetch.AI, a next-generation protocol that aims to combine machine learning, artificial intelligence and distributed ledger technology, for which it raised $6 million in 22 seconds.
Today, Binance Launchpad completed yet another blazing fast IEO. Within 17 minutes and 35 seconds, it raised $4 million for Celer Network, a layer-two scaling platform for off-chain payment transactions and smart contracts.
In January, Binance integrated credit card payments on Binance.com and launched Binance Jersey, a fiat-to-cryptocurrency exchange with zero deposit fees and one of the lowest-priced exchanges for trading euros and British pounds with BTC and ETH. At the same time, it also launched a crypto-to-fiat platform in Uganda in January of 2019, and invested $2.5 million in TravelbyBit, an Australian startup for travel bookings via crypto payments, last year.
In Argentina, Binance Labs, the company’s investment arm, is supporting startups in a matching funds initiative.
Binance Coin, the native cryptocurrency of Binance Chain, which will power the company’s upcoming decentralized exchange, has been the strongest performing digital asset among the world’s top 10 cryptocurrencies.
The newly launched Binance Lite is powered by InvestbyBit, an independently operated subsidiary of Binance.com. By interfacing with physical shops, Binance is able to leverage a well-established network of consumer hubs to reach people and distribute cryptocurrencies, without needing to build additional physical locations – like the branches of the traditional banking system. Instead, the newsstand collaboration allows Binance to deploy a nationwide strategy designed for rapid exposure of Bitcoin and cryptocurrencies.
Says Binance CEO Changpeng Zhao,
“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”