Australian ATM provider Stargroup has entered into a joint venture with blockchain technology company DigitalX to roll-out ‘two-way’ Bitcoin ATMs across its global network, commencing with Australia.
At present, there are only 16 ATMs in Australia that can facilitate a Bitcoin transaction. A vast majority are one-way ATMS, meaning users can only acquire Bitcoin to add to their Bitcoin Wallet via the ATM, and conversion fees range between 4% and 8% of the transaction value, according to website Coin ATM Radar.
Within Australia, Stargroup has deployed approximately 500 ATMS and manages a further 2,400 ATMs via its subsidiary StarLink.
In a press release announcing the joint venture with DigitalX, Stargroup stated: “the development of two-Way ATMs means StarATMs will not only enable users to acquire Bitcoin but also to instantly convert their Bitcoin to AUD cash at the ATM. For current Bitcoin users looking to “cash out”, the process can often take a number of days using existing Australian online digital currency exchanges, Once implemented, the two-Way StarATMs are expected to solve a significant pain point for Bitcoin users.” Read more
James Harkness – Dynamic Business – 5 Sep 2017