A leading Australian fintech and cryptocurrency expert has taken to the stage to call out the fintech industry for not providing adequate on and off ramp cash solutions for Aussie regional communities. Speaking at the annual Australian Crypto Convention, CoinFlip Vice President of Australia and New Zealand, Ben Brockliss, highlighted that there was alarming decrease in access to on and off ramps for cash within standard banking systems in regional and isolated areas, as the continued branch and ATM removal by major banks is effectively leaving individuals and businesses without access to cash in the country.
“We’ve seen a significant increase in demand for our crypto ATMs in regional areas, as they provide a crucial alternative for the community to continue using cash. This surge in demand comes as over 650 bank branches have closed across regional and rural Australia since the start of 2020. Residents in these areas are now facing extensive travel to access banking services, while businesses are encountering serious operational challenges,” said Brockliss.
While data shows the share of in-person transactions made with cash halved from 32% to 16% over the three years to 20221. Brockliss argued that cash is not dead and in fact still crucial for many, with a resurgence in cash acceptance being seen among businesses.
“Cash is still a major form of tender in the country community. We are committed to keeping cash in the country, and creating accessible ways for the community to continue to use and access this. There are some areas where our ATMs are the only cash machine available for tens of kilometres. Cryptocurrency has proven itself to be a long-term viable asset, over the last five years the price of bitcoin has increased by more than seven hundred per cent. Even naysayers can’t argue with that level of sustained performance,” said Brockliss.
CoinFlip ATMs allow customers to buy and sell crypto with cash, offering near instant settlements. The company's ATMs provide over 700 physical access points across Australia and New Zealand in easily accessible locations such as petrol stations, convenience stores and shopping centres.
“Our ATMs provide an easy way to convert cash to crypto and vice versa, regardless of experience or knowledge of cryptocurrency. For example, customers can purchase popular digital assets at our ATMs to build wealth or sell their crypto for cash, making it easy to spend on everyday purchases like groceries and petrol. This makes integrating crypto into everyday life effortless,” said Brockliss.
Brockliss states CoinFlip’s solution is to simplify crypto for all, with CoinFlip ATMs a secure and accessible alternative to traditional banking.
“The ethos behind CoinFlip is to bridge the gap between cash and crypto by providing a seamless on-ramp for physical currency to cryptocurrency. As a result, CoinFlip is making digital assets accessible to everyone, in a way that it wasn’t previously due to several barriers,” said Brockliss.
Brockliss revealed CoinFlip is determined to continue driving innovation in this space and pioneer the future of crypto adoption, supporting regions that major banks have left behind.
“We’re introducing stablecoins like AUDD, tied to the Australian Dollar, to support business banking in regional communities where cash deposit ATMs and bank branches are being phased out. This is our way of enabling B2B merchant banking and supporting businesses in regional areas, ensuring they have access to essential financial services,” said Brockliss.
As Australia’s largest bitcoin ATM provider, CoinFlip is dedicated to providing easy and secure access to crypto, bridging the gap between cash and digital currency, and offering an alternative to traditional banking. Our ATMs allow customers to deposit or withdraw cash using cryptocurrency in a matter of minutes. With over 700 locations across Australia and New Zealand, including petrol stations, convenience stores, and shopping centres, we ensure that residents have a convenient way to convert cash to crypto and vice versa, regardless of their access to traditional banks.
“CoinFlip's unique ecosystem is designed to be user-friendly, prioritizing security and reliability for over 400,000 customers worldwide. Our self-custodial digital wallet gives you greater control over your finances, making it easy to manage your crypto even if you're new to it. Plus, our physical ATMs provide a tangible connection to your transactions, making it simple and secure to convert cash to crypto and vice versa. This blend of digital and physical solutions ensures that anyone can navigate the world of crypto with confidence,” said Brockliss.
Headquartered in the United States, CoinFlip was founded in 2015 on the belief that enabling secure access to digital currencies would foster the development of a more inclusive, equitable, and stable global financial system for consumers. For more information about CoinFlip, visit: CoinFlip.tech.
ABOUT COINFLIP
CoinFlip is a global digital currency platform company, focused on providing consumers simple and secure access to buy and sell cryptocurrency. The company operates the world's largest network of cryptocurrency kiosks by transaction volume with more than 5,000 kiosks across 49 U.S. states, Puerto Rico, Canada, Australia, New Zealand, South Africa, Italy, Panama, Brazil Mexico, and Spain. CoinFlip’s digital currency kiosks make buying and selling major cryptocurrencies accessible and secure for consumers who wish to purchase their digital currency using cash. CoinFlip also operates CoinFlip Preferred, a personalised over-the-counter service that provides investors with custom, white glove support for their cryptocurrency transactions. In 2022, CoinFlip launched CoinFlip Ventures, an investment group offering coaching, funding, and networking support to early-stage crypto and Web3 projects.
CoinFlip was founded in 2015 by Daniel Polotsky, Kris Dayrit, Alan Gurevich, and Ben Weiss. Headquartered in Chicago, CoinFlip placed in the top 500 on the 2021, 2022, and 2023 Inc. 5000 list, and on the 2022 and 2023 Deloitte Technology Fast 500, was named the 2021 and 2022 #1 fastest-growing company in Chicago by Crain's, ranked in Chicago Tribune’s Top Workplaces in 2021 and 2022, and was awarded the 2021 and 2022 Stevie® Awards for Customer Service. To learn more about CoinFlip and how to get started on your digital currency journey, visit www.CoinFlip.tech.
1ps://www.rba.gov.au/publications/rdp/2023/2023-08.html
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