Australian Bitcoin.com.au is launching today, allowing Bitcoin to be sold over the counter for cash across a selected retail network of 1200 news agencies in Sydney, Melbourne, Brisbane, Adelaide, Perth and all major regional areas, bringing easy access to the cryptocurrency to hundreds of thousands of people. Anyone can purchase Bitcoin, with a minimum transaction of $50 and a 4% fee.
General Manager of bitcoin.com.au, Rupert Hackett, said: “We see this as a major development towards new user adoption and legitimacy towards the Bitcoin ecosystem. By lowering the barrier to entry and creating a tangible, physical experience, new users can now safely buy Bitcoin on their way home from work.”
Bitcoin.com.au is launching its retail network play into newsagencies in partnership with fintech solutions business blueshyft, a Sydney-based start-up backed by magazine publisher Matt Handbury. Since launching last year, blueshyft has rolled out over-the-counter newsagent transaction and fullfilment solutions for global courier business TNT and online wagering company Ladbrokes, creating new revenues for newsagents as well as a cash transaction facility with convenient locations for customers to engage with digital and online businesses.
Kain Warwick, CEO of blueshyft, remarked: “We’ve built a software platform which is installed in 1200 news agencies that effectively transforms individual agents into a unified network of digital convenience stores. blueshyft is a Retail Network as a Service, which means we can offer a physical footprint to digital businesses, these businesses can then extend their services into convenient physical locations. It also allows them to tap into the massive cash economy.”
Bitcoin.com.au is operated by Global Internet Ventures, a company backed by serial entrepreneur and technology pioneer Domenic Carosa, an early investor in the Australian bitcoin and blockchain scene. Global Internet Ventures has been in operation for 24 months running the exchange buyabitcoin.com.au.
Hackett, who has completed a masters in Digital Currencies, said he expected the education of Bitcoin to a wider public would be helped by consumer ability to buy a small amount conveniently on their way home from work.
Hackett commented: “From a marketing point of view Bitcoin often miss-understood. In reality, this is a new technology with huge potential being recognized seriously by major financial agents. We have to be proactive about developing the right environment for this emerging technology. Bitcoin and other blockchain projects will create huge value propositions for consumers in the future. They have the potential to disrupt many industries and Australia should capitalize on this opportunity. There is no doubt that Bitcoin is poised for huge growth and the underlying Technology (Blockchain) is being taken very seriously by Big banks/accounting firms, every single major bank in the western world is investing in this underlying technology”
Global Investment Ventures/Bitcoin.com.au are members of the ADCCA (Australian Digital Currency Commerce Association) and are working with AML/KYC companies to create solutions to foster a legitimate environment for this technology in Australia.