In 2018 it’s estimated Australians traded more than $5 billion in cryptocurrency, now Binance is hoping to grab just a small percentage of that market as it begins rolling out a cash-for-bitcoin service at 1,400 retail newsagencies across the nation.
But it’s not only a fondness for crypto that’s attracted Binance to Australia, the blockchain giant sniffs an opportunity to capitalise on increasingly positive attitudes being displayed by law-makers towards blockchain and cryptocurrency regulation.
Binance Lite to grow adoption
For the first time, Binance Lite has enabled Australian’s to exchange cash for Bitcoin and other cryptocurrencies at their local newsagency.
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy bitcoin, we are excited to continue to roll out more fiat to crypto gateways around the world to support the growth of our industry,” says Binance CFO, Wei Zhou.
Anyone wanting to buy Bitcoin using the platform will first have to open an account at the Binance Lite website, they can then place an order and pay in cash at their nearest Binance Lite partner newsagent.
“We firmly believe that more adoption will lead to more innovation and more economic opportunities.
“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause,” added Zhou.
Twitter user Damien Jones who is a Binance community ‘angel’ successfully road-tested the platform at Murphy’s Newsagency in Geelong yesterday.
“On the way to work this morning while checking my tatts results I bought some Bitcoin using binance lite Australia,” he wrote.
— Damien jones (@Kingdamoj) March 20, 2019
Political leaders support Binance entry into Australia
The Binance Lite platform was launched this week at the ADC Global Blockchain Summit in Adelaide, South Australia.
66 of the 1,400 Binance Lite partner stores will be located in South Australia, and the state’s leaders couldn’t be happier.
The South Australian Minister for Trade and Investment, David Ridgway was at the Global Blockchain Summit for the launch of Binance Lite.
“We welcome any potential investment in South Australia as a result of this exciting global summit,” he said.
Expanding Binance presence key to growing adoption across Australia
Binance has confirmed it has hired its first local employee, to be based in Adelaide, and is considering an invitation by the South Australian Government to set-up a permanent base in a ‘blockchain hive’ that will be part of a massive innovation precinct currently under construction in Adelaide.
“We’ve taken a walk around and we’re really excited by that location given the centrality of it,” said Wei Zhou.
“What we’ve seen around other parts of the world is that once you put a physical face to innovation it’s easier for people to see – you need that physical presence and we want to do our part to help to contribute to that.
“Blockchain is a global technology but adoption is a local process and you need buy in from not just the business side of it, but the government side is just as important in terms of working with companies to help drive commerce.”
The development of the blockchain hive is being funded by the South Australian Government and also supported by the Federal Government.
Prior to this week’s launch of Binance Lite, Binance has made a number of other significant inroads into the Australian cryptocurrency and blockchain sector.
In October, the Hong-Kong based company invested US$2.5m into Queensland crypto payments company TravelbyBit.
The investment is being used to fund a global roll-out of TravelbyBit’s crypto point-of-sale systems.
Binance CEO, Changpeng Zhao, has also been supportive of an Australian property auction using cryptocurrency.
The world-first live auction will take place next month, bids can be made in both Bitcoin and Binance Coin.