Cryptocurrency fans down under will soon be able to buy bitcoin (BTC) from their nearest newsagent, thanks to Binance’s newly launched service called “Binance Lite,” reports The Next Web, March 19, 2019.
Australians Can Now Buy Bitcoin for Cash
Malta-based cryptocurrency exchange Binance has quickly cemented itself as one of the strongest forces helping increase the footprint of digital currencies the world over.
Per sources close to the matter, the exchange’s latest service offering called Binance Lite will provide a fiat gateway to Australian crypto-enthusiasts to purchase bitcoin from over 1,300 supported newsagents across the island nation.
As it stands, the service will only support the purchase of bitcoin. However, the press states that the exchange has plans to add options for more cryptocurrencies and fiat in the future.
Wei Zhou, CFO, Binance, said:
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy [Bitcoin]. Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”
How does it Work?
Post successful verification, users will be able to place orders for bitcoin online. Once an order is confirmed, users can make the payment in cash at their nearest newsagent shop and receive bitcoin “within minutes.”
However, it’s worth noting that the exchange will charge a five percent transaction fee on every transaction (plus GST),