Economy

Australia's Stargroup is building ATMs for Bitcoin

Australia's Stargroup is building ATMs for Bitcoin”

Within Australia, Stargroup has deployed approximately 500 ATMS and manages a further 2,400 ATMs via its subsidiary StarLink.

According to Stargroup, there are now only 20 ATMs in the country that can facilitate bitcoin transactions; however, conversion fees are in the range of 4 to 8 percent of the transaction value.

Australian FinTech firm Stargroup has teamed with blockchain technology company Digital X to jointly offer and tailor a "two-way" ATM solution for buying and selling bitcoin.

A new joint-venture between blockchain ASX-listed blockchain startup DigitalX and ATM developer Stargroup will see some 2,900 existing ATMs' software tweaked and updated to support users to buy and sell bitcoin using the machines. Besides, the majority of these ATMs are "one-way", what means users can only purchase the crytocurrency.

Zani noted two-way Bitcoin ATMs could assist businesses with their cashflow and that the development "may also be able to be applied to other cryptocurrencies and be distributed internationally".

At present, there are only 16 ATMs in Australia that can facilitate a Bitcoin transaction.

The transaction fees charged at the "two-way" ATMs will be shared between the two companies. Leigh Travers, DigitalX's CEO added that the joint venture was "an opportunity... to offer ordinary Australians exposure to crypto currency ad blockchain security".

Stargroup said the joint venture would lead to "StarATMs" that would enable a Bitcoin wallet holder to add Bitcoin onto their digital wallet and to exchange Bitcoin for cash delivered by Stargroup ATM machines. Most only allow users to exchange their fiat currency for Bitcoin. Bitcoin is up 390% this year. As a result, those users are forced to rely on Australia's digital currency exchanges when they need to exchange their cryptocurrency for dollars - a process that can sometimes take several days to complete.

Stargroup recently revealed its full-year net profit for 2017 totaled $1.9 million, rising by 254% from 2016. The company's revenues increased by 128% to $8.3 million, with the growth being attributed to a number of successful acquisitions.



Like this

loading...
loading...

Latest


06 September 2017
UNC Charlotte professor killed, boyfriend arrested
Court records in North Carolina and Virginia show Franklin has a history of assault arrests dating back to 1996. Skinner was also involved in research at a local senior center to improve cognitive function in aging adults.

06 September 2017
Seat's New Leon Cupra R Limited To 799 Cars
As this is a limited-run vehicle (just 799 will be built), SEAT has been able to indulge its wilder side with the Leon Cupra R. For those who want something other than the matte grey exterior paintjob, you can also have a Midnight Black or Pyrenees Grey.

06 September 2017
Drink-drive Sky Sports host Kirsty Gallacher handed ban
The Sky Sports presenter was charged with one count of driving a motor vehicle while her alcohol level was above the legal limit. Gallacher was earlier pictured looking sad as she arrived at court dressed all in black. "She does not have a drink problem".

06 September 2017
Thousands of residents in Co Kerry are still without water this morning
Customers can contact our customer care helpline 24/7 on 1850 278 278 or visit www.water.ie for further updates". Irish Water has deployed water tankers in the region to ensure water is available to householders.

06 September 2017
Gray Purchases 10000 Shares of RSP Permian, Inc. (RSPP) Stock
The oil and natural gas company reported $0.17 EPS for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. Another trade for 17.25 million shares valued at $668.96 million was made by KAYNE RICHARD A on Wednesday, May 24.

05 September 2017
Chinese tourist charged with manslaughter over fatal botched boob job in Australia
Shao had administered an incorrect dose of anaesthetic while performing the procedure, prosecutors alleged in court. It's understood Ms Shao met Ms Huang through mutual friends and Ms Huang agreed she could perform the procedure.

05 September 2017
Lil Wayne was taken to hospital after suffering seizures
Lil Wayne is also the Chief Executive Officer of his own label imprint, Young Money Entertainment which he founded in 2005. Rapper Lil Wayne is reportedly out of the hospital and taking some time off after suffering multiple seizures.

05 September 2017
Kolkata: State govt. run auditorium cancels RSS chief Mohan Bhagwat's event
In January, Kolkata Police had denied permission for Bhagwat's rally but the Calcutta High Court had overruled the decision. Meanwhile, the Kolkata police said that the reason for denial was 10-day early reservation during Puja holidays.

05 September 2017
Trento, bambina di 4 anni uccisa dalla malaria: primo caso in Italia
Nel frattempo l'Apss ha disposto in via precauzionale la disinfestazione del reparto di Pediatria dell'Ospedale S. In Italia la malaria è stata debellata negli anni '50 con una grossa operazione di decontaminazione delle paludi.

05 September 2017
Opposition lines up Tiruchy rally against NEET in Tamil Nadu
The Central Government kept Tamil Nadu Government's ordinance exempting government colleges from NEET on hold for a year. She committed suicide in her home a week after Centre announced that Tamil Nadu can not be exempted from NEET.