Binance has announced the launch of Binance Lite Australia, a new platform which allows buying crypto in Australia with cash.
It is Binance’s first fiat gateway on the oceanic continent and provides a secure and reliable cash-to-bitcoin brokerage service across a network of over 1,300 newsstands throughout the country.
The service is managed by InvestbyBit, an independent subsidiary of Binance.
For now, it is possible to buy bitcoin using only Australian dollars (AUD), but the goal is to support more digital and fiat currencies in the future.
After verifying the account, users can place an order online, deposit the money at the nearest newsstand, and receive crypto in just a few minutes.
By bridging the gap between cash and cryptocurrencies, Binance Lite Australia aims to provide a user-friendly platform to strengthen the adoption of cryptocurrencies in the country.
Binance’s CFO, Wei Zhou, said:
“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. We firmly believe that more adoption will lead to more innovation and more economic opportunities”.
Binance’s opening up to fiat currencies is therefore growing, following the integration of credit card payments on Binance.com and launching Binance.je, which allows buying cryptocurrencies with euros or pounds sterling, and Binance Uganda, for purchases in Ugandan shillings.
Binance was already present in Australia since 2018 when it invested $2.5 million in TravelbyBit, an Australian startup that provides travel booking services with payments in cryptocurrencies.
In this regard Zhou added:
“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause”.