Around 1,300 stores, across Australia are now offering Australians to purchase bitcoins with solid cash. This was made possible as Binance took over the job and brought the project to reality. The platform allows Australians to buy into the crypto market from the massive number of stores that spread across Australia. The platform has been dubbed “easy way to buy bitcoins” by Binance itself. Platform cuts a 5% cash-to-bitcoin fee and is set to introduce other cryptocurrencies too. For now, Binance Lite Australia offers services from Australian dollars (AUD) to bitcoins (BTC), Binance intends to extend to other fiat currencies too as it also plans with spreading on to other cryptocurrencies.
This week marks great accomplishments for cryptos as the Binance takes cash for BTC in 1,300 stores in Australia. The crypto platform has been on quite a building spree. Other projects like Lightning Lab’s “loop” also contribute to building a better crypto-environment.
Anthony Pompliano, the founder and partner at Morgan Creek Digital, praises the initiate that Binance has taken in the direction that will allow easy access to cryptos, bitcoin for now. Pomp suggests that the entire week has been a blessing for the crypto market as other projects like Lightning Lab’s “loop” have also put their share into establishing the cryptos. Binance pushes into the direction to make cryptos a part of the daily lives, incorporating the cryptos further into the domestic circle. people can now buy bitcoins going to a store, like they would go to buy some grocery.
Pomp’s statement that these milestones actually build the cryptocurrency platform, is typically owing to the fact that these sort of projects matter not the crypto bootlegs that are just the copy of each other. These projects include every company that comes up with a crypto coin of their own. Though Pomp is a bitcoin maximalist, the statement does hold water that it’s not the cryptos vs. the cryptos; it is fiat/banking system vs. the cryptos. The innovative projects are the ones that actually make a difference for the cryptos, not for their own self, like Bakkt, Binance Lite Australia and Loop.
Binance has done quite an exceptional job in understanding what will count for the crypto development. Binance has been working for quite a while, as a cryptocurrency exchange having hundreds of cryptos signed to be traded. Statistics show that Binance has been the biggest crypto exchange thus far among the other peers of its, as of 2018. Founded in 2017 by Changpeng Zhou and Yi He, Binance new takes up the task to revolutionize the cryptos industry propelling it to be noticed by the ever-rigid incumbent institutions. The likes of Binance Lite Australia, Binance attempts to give the normal people a chance to get to know cryptos in a better way rather than just knowing them for the digital assets that can be used for places like the Dark Web.
Besides the concept that Binance Lite Australia brings to the table, there are other platforms which also allow the folks to deal with their digital assets while on the go. These include the likes of bitcoin ATMs which can let one convert the cash and the credit card balance to bitcoins. This projects has gathered some fame lately and has been cherished too as it brings bitcoins to an overlapping end of our current banking system and the cryptos market. There are kiosks installed over several places in the US and Canada. With humble beginnings from Vancouver, Canada as Robocoin machine, the ATMs can be used by the locals anytime with ease.
Binance Lite Australia lets one operate over the platform with a 5% fee. Though the margin seems a little higher but it does make up for the incredible idea that can carry the cryptos past extinction towards being regulated at last. One can go to the store featuring the platform and paying up the fee, one can easily convert the cash (in AUD). Will there be credit card support along with fiats and other cryptos, is still unknown but there will certainly be a revised fee structure once fame has it all circled up.
Binance has magnificent projects accompanying Lite Australia, like the Binance Launchpad. The Launchpad is a way to tokenizing other platforms like the recently announce BitTorrent and similar others. “The Binance Launchpad token launch platform helps blockchain projects raise funds and increase their reach across the crypto ecosystem”. The platform seeks to increase the reach of the projects under consideration and helps the ones that have blockchain incorporated in.
Binance also owns Trust Wallet which is a Decentralised Application or DApp, which is the official wallet for Binance. The wallet previously was a great wallet for ethereum and other cryptos which Binance has under its wing. It is another addition to the great milestones Binance has cultivated throughout the years. Binance has earned quite a repute that bitcoin maximalism has started including Binance favouritism too.
The Security and Exchange Commission for US has been on a row with the crypto especially bitcoin ETF proposals starting 2017 when Winklevoss ETF was proposed. The ETF had gathered much hype that it can shift the times for the cryptos and can help attain major crypto adoption. Back then, the SEC rejected the proposal on terms that the bitcoin market is clogged with scams and fraudulent agents, and is too ‘manipulative’ to associate with an SEC-approved-ETF. Nevertheless, A similar proposal from NYSE Arca, which is owned by the Intercontinental Exchange, intending to list SolidX bitcoin ETF got denied by the SEC over similar grounds.
The SEC has been cautious of allowing not only to list a bitcoin ETF but any ETF that bears the power to strengthen the cryptos. This is primarily due to the fact that the crypto market is not that much of a stable place to deal finance in and be regulated by the corporate structures. The latest BitConnect scam has been haunting the entire crypto market and is an alarming situation for any such ETF or any progress. Thus far, the cryptos have started climbing back to their feet managing to prosper nevertheless as projects like Binance have kept the crypto wheel going.
Binance Lite Australia has a bright future ahead if all the pieces fit right into place and from the looks of now, the future seems no different. The projects can spread onto every store and become a commodity of daily use. Binance seeks to elevate the buying side of the cryptos through this project and it is up to others to do the same over the acceptance one. Binance also bears the potential to score for the acceptance part coaxing the institutions that there are firms structures that can carry the crypto market quite exceptionally.