Bringing Bitcoin to the masses is a very tough challenge. It becomes even more difficult without convenient ways to purchase cryptocurrency. Stargroup, an Australian fintech firm, runs around 500 ATMs in the country. Through a new partnership with Digital X, they will provide two-way Bitcoin ATM solutions moving forward. It is evident the Bitcoin ecosystem will keep growing in Australia for quite some time to come.
Bringing Bitcoin functionality to more Australian ATMs is an interesting decision. There are a few of these machines in operation already. However, their number is pretty small and they charge high fees. That is the case with most Bitcoin ATMs these days, unfortunately. Any fee between 4% and 8% to buy or sell Bitcoin through an ATM is fairly common. The partnership between these two companies is designed to improve that situation as well. Moreover, there is a lack of two-way Bitcoin ATM functionality in Australia as we speak.
More ATMs With two-way Bitcoin Support
Through this new agreement, Stargroup will focus on creating the proper software. Digital X will develop an API to facilitate transactions. It is evident it only takes a software upgrade to turn any ATM into a two-way Bitcoin machine. Both companies will share the transaction fees to cover the costs of this venture. This is great news for Bitcoin enthusiasts living in Australia. Having a way to convert to and from cash with easy is pretty significant.
It is worth mentioning Stargroup operates around 500 ATMs across Australia. They also have another 2,400 ATMs at their disposal through the StarLink subsidiary. Digital X has been working on a secure ledger system based on blockchain technology as of late. The goal is to provide two-way Bitcoin functionality across all of Stargroup’s Australia remit. This is a major development, to say the least. It will be interesting to see how this new venture plays out in the coming months.
One thing’s for sure: interest in Bitcoin grows in Australia as we speak. A lot of things have been happening behind the scenes as of late. There’s still a lot of work to be done, but things are slowly coming together. Bringing Bitcoin and blockchain to Australia and beyond will be the ultimate goal in the long run. This partnership with Stargroup is a big step in the right direction. More ATMs with two-way cryptocurrency support is definitely a good start for Australia, that much is evident.
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