Australia: ‘Two-Way’ Bitcoin ATMs set to launch in Australia

Arecent joint venture between two fintech firms – StarGroup and DigitalX will see up to 3,000 existing ATMs across Australia equipped with a technology aid that once fully functioning will allow Bitcoin enthusiasts to buy an, sell the digital currency straight from the “two-way” ATM.

According to Coin ATM Radar, there are only 16 existing Bitcoin ATMs in operation across Australia, predominantly spread amongst Sydney and Melbourne, which incur conversion fees between 4% and 8% of the transaction value, and most of these are only one-way where users can only acquire Bitcoin.

Currently, it can take days for Bitcoin owners to convert the digital currency to cash, and with the adoption of Bitcoin slowly gaining traction, it is now at a stage where a roll-out of this scale is becoming feasible. According to RFi Group data, 12% of smartphone owners find services which allow them to use cryptocurrency at ATMs and/or shops highly appealing.

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