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.



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