- Binance has announced that their ‘Binance Lite’ program will be kicking off in Australia
- The program will allow residents of Australia to buy crypto from up to 1,300 merchants
- For now, Bitcoin is the only coin supported
One of the key ways by which crypto adoption can be achieved is by creating a system of accessibility. Simply put, it is impossible for crypto to compete with fiat currency on the same level if the former is harder to obtain and spend than the latter. Fortunately, great steps have been taken to make sure that crypto can be purchased, spent and used for official purposes with more ease. Binance has also thrown their weight behind these efforts as it was reported on March 19, 2019, that their Binance Lite service will be expanding its efforts to Australia where residents will be able to purchase crypto from over a thousand newsagents.
1,300 newsagents onboard
As part of Binance Lite’s initial rollout, crypto will be made available for sale through 1,300 newsagents in Australia. For now, bitcoin is the only cryptocurrency that will be for sale but there are plans to introduce more as time goes on.
“Binance Lite Australia further expands digital currency adoption by providing easier ways to buy [Bitcoin],” said Wei Zhou, Binance CFO. “Australia has been at the forefront of blockchain innovation, and we hope Binance Lite Australia can play a role to help further this cause.”
While this new service will be convenient for buyers, some precautions will still be taken. For example, buyers must complete Know-Your-Customer and Anti-Money-Laundering procedures as part of their account verification before a sale can be made.
However, the process of buying the crypto is straightforward; the buyer will place their order for bitcoin online, then proceed to their newsagent to make the cash payment and within minutes, their bitcoin will be deposited into their accounts. In terms of fees, a 5 percent Fee will be charged on all purchases, but this is still cheaper than the typical 7 percent that is charged by other physical crypto vendors.
Celer launchpad sale a roaring success
This new announcement coincides with the recently-concluded sale of Celer Network (CELR) tokens On the Binance launchpad platform which began on March 19, 2019, and during which all 597,014,925 CELR tokens were sold out in less than 18 minutes.
