Two Australian technology startups is set to launch an over the counter platform for selling bitcoin which is being deployed to about 1200 newsagents nationally.
The technology, which is a joint venture between Sydney fintech solutions business Blueshyft and Bitcoin exchange Bitcoin.com.au, said that blockchain will be available over the counter at a news agency near you. This means that Australians can buy bitcoins for the first time over the counter with cash.
Both the companies Blueshyft and Bitcoin.com.au have well known backers and history in the Bitcoin trade. Bitcoin.com.au comes under the umbrella of Global Internet Ventures (GIV) that set up Buyabitcoin around two years ago. It expects about 15 million transactions in the first year of the new venture with the average transaction size of about $150 to $200.
According to Australian Financial Review, Bitcoin.com.au general manager Rupert Hacket said that the new system would create a tangible, physical experience that would enable new users to safely buy Bitcoin. "There is no doubt that Bitcoin is poised for huge growth," Mr Hackett said. "Big banks and accounting firms are investing in the underlying technology, Blockchain."
The technology is expected to open the way for cheaper remittance services, gambling and financial services. Talking about the platform, Blueshyft chief executive Kain Warwick said that its retail platform was already being used by newsagencies and couriers TNT and wagering operator Ladbrokes.
"It allows online businesses and digital retailers to extend their existing products and services into a local retailer without the costs of setting one up," Warwick said in his statement.
Blueshyft is a network of 1,000+ retail locations around Australia with a modern, extensible technology platform that adds an unmatched physical retail presence to client’s digital business, instantly.
