Binance is officially a part of the budding Australian blockchain and crypto industry after today saw the cryptocurrency industry’s premier exchange launch a new fiat-to-bitcoin brokerage service called Binance Lite.
Described as “the easiest way to buy Bitcoin with cash” in a Binance-issued press release, the Binance Lite solution will be offered via a network of over 1,300 Australian newsagencies. Providing Binance Lite with such immediate reach is Australian payment technology startup, blueshyft – according to the terms and conditions detailed on Binance Lite Australia’s website.
Whilst Binance Lite – the trading name of InvestbyBit Pty Ltd (i.e., a separate legal entity from the Binance exchange) – exclusively – exclusively supports bitcoin (BTC) at launch, there exist “plans to support more digital currencies and fiat purchasing options in the future,” according to today’s announcement.
For KYC-verified Australians who purchase bitcoin by depositing cash at a Binance Lite-supported newsagency, they will be charged a 5 percent commission fee on top of the BTC spot rate. GST – the Australian equivalent of VAT – will be charged on the commission for each purchase, too.
The Binance Live Australia launch represents Binance’s first direct exposure into the crypto-crazed nation. The announcement was made during the ADC Global Blockchain Summit in Adelaide, the city in which the Binance Lite team will soon operate out of. Until today, Binance had been only marginally associated with Australia, having invested $2,500,000 (USD) in TravelbyBit – a blockchain payment platform and travel company offering crypto-friendly booking services – roughly six months ago
“I stick by my premise that Australia is the most crypto-obsessed country per capita. Having another fiat on-ramp to the world’s largest exchange is great for local crypto investors.” – Alex Saunders (Founder & CEO, Nugget’s News)
Speaking exclusively to Nugget’s News’ founder Alex Saunders in a short interview uploaded Wednesday, Wei Zhou – the chief financial officer of Binance – explained “the infrastructure in Australia” represented the ideal location to pilot the cash-to-bitcoin brokerage service before they “roll out Binance Lite into other regions of the world.”
Indeed, newsagencies – Australia’s equivalent of what the U.S. and Canada call ‘newsstands’ – have been an essential element of Australian communities for decades. Whilst the ever-increasing demand for digital news subscription services continues to take its toll, the Australian newsagency industry is by no means set to disappear overnight.
Expanding their range of customer offerings is a strategy newsagent’s have increasingly been forced to pursue in recent times. Becoming the first in the world to support the Binance Lite fiat on-ramp further exemplifies this. What’s more, the announcement appeals to a younger, tech-savvy crowd; a demographic Australian newsagents had all but conceded to the digital era. That is, perhaps until now!