Binance Launches New Service In Australia

By Rishma Banerjee

Binance has launched a new service called Binance Lite Australia, which will enable Australian investors to use fiat currencies to purchase cryptocurrency. According to a post on their blog, as was released this morning, Binance Lite Australia will be available in more than 13,00 newsagents across Australia, and will be aiming to provide a “secure and reliable cash-to-bitcoin brokerage service”. As of now, the service will only offer users the opportunity to buy bitcoin but is pegged to offer a much wide variety of cryptocurrencies over time. The basic idea is to further help Australians get more involved in cryptocurrencies by providing an easier and safer way of doing so. Here users will have to make an order online, then travel to the newsagent to deposit cash. The currency will then be credited within just a couple of minutes. This service is slated to be extremely user-friendly so as to facilitate maximum use and adoption.

Though this is Binance’s  first fiat-crypto venture in Australia, they have an existing presence in the 6^thlargest country in the world as they had Invested in a $2.5 million USD in the Bitcoin travel company, TravelbyBit, who allow you to make travels plans with cryptocurrency transactions via BTC and Binance’s own, BNB, back in 2018.

Binance’s CFO, Wei Zhou, when asked about the launch, stated,

“Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”

Zhou also spoke about how the primary aim of his country is to make cryptocurrencies way more easily available and user-friendly, for everyone. He also said,

“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.”