A partnership between two FinTech firms could soon see a large-scale rollout of ‘two-way’ Bitcoin ATMs in Australia.
A new joint-venture between blockchain ASX-listed blockchain startup DigitalX and ATM developer Stargroup will see some 2,900 existing ATMs’ software tweaked and updated to support users to buy and sell bitcoin using the machines. An accompanying press release reveals that Stargroup has deployed 500 ATMs in Australia, with a further 2,400 ATMs through its subsidiary, StarLink.
A notable excerpt from the announcement reads:
The joint venture agreement is for the entire global network of Stargroup ATMs, with the initial roadmap to focus on Australia.
Data from CoinATMRadar reveals 16 bitcoin ATMs currently operating in Australia, with a majority of them located in Melbourne, Sydney and Perth. When the newly-announced retrofit is complete, Australia could have nearly 3,000 ATMs that support bitcoin transactions.
DigitalX, formerly Digital CC before a rebrand in late 2015, sees the growth in interest and adoption of bitcoin in Australia to have “reached a level where a large-scale ATM roll-out provides a commercial opportunity.” Earlier in June, the Australian Securities Exchange (ASX) announced its first-ever bitcoin investment when DigitalX secured AUD$4.35 million in bitcoin from Melbourne-based Blocckhain Global Limited (BGL) in exchange for a 40% stake.
Australia put an end to the double taxation of digital currencies including bitcoin in this year’s federal budget amid a marked uptick in bitcoin usage in the country. Earlier in May, an Australian bitcoin startup that enables users to make bill payments with the cryptocurrency announced it had processed $5 million in household bill payments, a 3300% rise from its launch in 2014.
More recently, the bitcoin community received a boost after Australian politicians issued bi-partisan call for the legality of the cryptocurrency. Last month, Australian authorities moved to regulate bitcoin exchanges for the first time in the country.
Featured image from Shutterstock.
Last modified: June 11, 2020 10:05 AM UTC