Interview: Why Binance Enabled Australians to Buy Bitcoin with Cash at 1,300 Newsstands
Pictured: A Sydney newsstand. Binance is making it easier for Australians to buy bitcoin for cash at physical newspaper strands. | Source: Shutterstock
On Wednesday, Binance announced the launch of Binance Lite Australia, enabling users to purchase Bitcoin at over 13,000 physical storefronts in Australia.
The introduction of Binance Lite Australia comes months after TravelbyBit, a company invested by Binance, allowed users to utilize cryptocurrencies at the country’s major airports.
Full details below ?https://t.co/aD1M6kK0Mp
— Binance (@binance) March 20, 2019
Join CCN for $9.99 per month and get an ad-free version of CCN including discounts for future events and services. Support our journalists today. Click here to sign up.
In an exclusive interview with CCN, Binance CFO Wei Zhou said easy fiat on-ramps is important to bring new users into crypto, especially in a region like Australia wherein the government has begun to support the blockchain sector.
Key in Attracting Casual Users to Bitcoin
For casual users or individuals who have not used bitcoin before, a full Know Your Customer (KYC)-enabled bitcoin exchange on which users are required to have their licenses and passports approved to begin trading could be demanding and overly complicated.
Over time, casual users that invest in the cryptocurrency market through alternative and simpler methods such as storefront purchases could move onto professional exchanges.
Zhou explained that the merit of operating easy-to-use fiat on-ramps is to facilitate the demand from users that do not wish to use online accounts to purchase or trade cryptocurrencies.