This week marks a great accomplishment for the crypto industry.
Currently, around 1,300 stores across Australia are offering the opportunity to buy Bitcoin with solid cash.
Binance made these exchanges possible after taking over the project and making it a reality.
Unsurprisingly, the crypto platform known as Binance Lite Australia has been on a building spree and offer services from Australian dollars to Bitcoins.
The platform has a mission to ease the way of buying Bitcoin and many other digital currencies.
Incorporating Cryptocurrencies into Domestic Circles
Many influential people in the industry praised the initiative that Binance has taken.
According to his statement, projects like this are needed in the field.
Binance’s push into the direction that will make cryptocurrencies more available for the people is one of the best decisions so far.
The idea is to incorporate the cryptos into the daily lives of people so they can get used to buying Bitcoins just as they buy their groceries.
Pompliano also stated that it was a milestone to actually build a cryptocurrency platform just like the one Binance built.
The importance of these projects lies in the fact they are not important only to the crypto bootlegs but to any company or person that creates a digital currency of their own.
For the crypto community, it was important to understand and address these issues in order to lead to the development of the industry.
The Form of Operation
The concept of Binance Lite Australia is very simple.
The platform allows the users to operate over it with a fee of 5 percent.
Even though the margin seems a bit high, it helps with carrying the cryptocurrencies past their extinction by regulating them at last.
Users of the platform can visit one of the 1,300 stores across Australia, pay the fee for the exchange and convert the cash to Australian dollars.
As of now, it is still unknown whether there will be card support or not, but the fee structure will likely be revised in the future.
Lite Australia is not the only new project Binance has launched recently. A new program called Binance Launchpad aims to help blockchain projects increase their reach and raise funds.
Trust Wallet is another application that Binance has under its wing. This is the official wallet for Binance and an additional expansion of the company’s product.
Last but not least, beyond the realm of Binance’s expansions, Bitcoin ATMs are currently being installed in several places in Canada and the U.S.
The ATMs allow users to quickly and easily convert their credit card balance and cash to Bitcoins.
Lately, these devices have gathered some fame for being convenient for users.