Binance, the world’s biggest cryptocurrency exchange by adjusted trading volume, has launched a new platform in Australia that lets users purchase bitcoin with fiat currency from high-street stores.
Binance revealed the news March 19, saying that the new gateway, dubbed Binance Lite Australia, is cash-to-bitcoin brokerage service that can be accessed through a network of over 1,300 supported newsagents all throughout Australia.
The platform initially provides the option to buy bitcoin using Australian dollars (AUD), but the exchange stated that it considers supporting more digital currencies and fiat options soon.
According to the announcement, once users have gone through account verification processes, they can put an order online to purchase bitcoin, deposit cash at the most convenient newsagent, and receive cryptocurrency “within minutes.”
Binance Lite Australia imposes a 5 percent transaction fee for bitcoin purchased through the service.
Wei Zhou, CFO of Binance, stated that the new platform further advance the adoption of crypto “by providing easier ways to buy bitcoin,” adding that the exchange will provide more fiat-to-crypto gateways globally in the future.
Binance has been rapidly growing its operations worldwide. It unveiled a fiat-to-crypto exchange in January on a British self-governing dependency, the island of Jersey, enabling users to exchange bitcoin and ethereum against the euro and British pound. The exchange also unveiled a fiat-to-crypto exchange in Uganda in June 2018.
Binance and its official wallet, TrustWallet, recently moved to enable users to purchase cryptocurrencies with credit cards, through a collaboration with Simplex, a payments processor based in Israel.
Similarly, Keplerk, a crypto startup based in France, also entered a partnership with local tobacco sellers to offer bitcoin through their stores in November.