Australian ATM operator Stargroup has agreed with DigitalX, a blockchain advisory company, to convert its machines to trade the digital currency.
The joint venture agreement is for the entire global network of Stargroup ATMs, initially with 500 in Australia, to allow buying and selling of Bitcoin.
There are currently fewer than 20 ATMs across Australia which can process a Bitcoin transaction with conversion fees between 4 percent and 8 percent of the transaction value.
One Way Only
Most of these ATMs are only one-way ATMs meaning users can only acquire Bitcoin and add it to their Bitcoin wallet. The Stargroup/DigitalX joint venture will allow users to cash out Bitcoin to Australian dollars. The ATM operator gave details of the new agreement in an announcement to the Australian Stock Exchange.
«Stargroup is pleased to partner with DigitalX on this project and leverage its unique ownership of its ATM manufacturer to develop a two-way ATM where a Bitcoin owner can not only buy Bitcoin but more importantly can cash their bitcoin out,» said Todd Zani, Stargroup's CEO and Executive Chairman.
«This development may also be able to be applied to other cryptocurrencies and be distributed internationally,» added Zani.
