ByteFederal, one of the largest operators of Bitcoin ATM networks worldwide, has officially launched its services in Australia. The company’s crypto ecosystem includes a variety of products and services, such as a “Smart Kiosk” network, a digital wallet, and most importantly Bitcoin-powered automated teller machines (ATMs).
According to a press release by the company, Alek Trpkoski, the managing director of ByteFederal Australia, said the firm’s launch in the country marked a milestone in its journey to democratizing access to the digital asset ecosystem.
Bytefederal Begins Operations Of Bitcoin ATMs In Australia
The Venice, Florida-based crypto firm has assured users that it will be steadfast in upholding the highest regulatory compliance standards and practices demanded by the Australian government, will be completely transparent in its operations, and use robust security protocols to fortify its systems, read the press statement.
ByteFederal Australia declared they are building the “Institution of the future” that is designed to offer a personalized and customer-centric approach to the crypto asset economy.
Bitcoin ATM Allows Users To Buy And Sell Crypto, Digital Gold And NFTs
Founded in 2016, the company operates over 1,300 crypto ATMs in the U.S. alone that enable users to buy and sell various cryptocurrencies on the Bitcoin, Lightning Network, Ethereum, Bitcoin Cash, Litecoin, and Dash networks.
To purchase crypto, you simply have to deposit fiat currency equivalent to the amount of their preferred crypto token and the ATM will convert the cash into the asset and deposit it directly on your wallet address.
ByteFederal grew to become one of the largest Bitcoin ATM operators in the United States in a short period of time. Apart from cryptocurrencies, the company’s crypto ATMs also provide users with access to gift cards, gold, and other trading cards.
The machines have a daily transaction limit of $29,500, and charge a fee of around 9% per transaction, depending on the cryptocurrency that is being purchased.
ByteFederal also provides consulting services on cryptocurrency and blockchain-related software projects, like crypto banking, Web3, AI, metaverse, DeFi, tokenization, digital asset investing, and NFTs.
The main goal of the company is to prioritize the implementation of newer and better technologies to make the Bitcoin network more accessible to the wider global population.
To commemorate its launch in the country, ByteFederal is offering limited-time promotions with exciting incentives for users to join the platform.
Bitcoin ATMs are gaining popularity worldwide as they have become an easier and more affordable way for investors to purchase cryptocurrencies. Instead of relying on intermediaries like exchanges or other brokerage services, customers can simply purchase the tokens via the ATM and store the assets directly in their digital wallets.
To sell the tokens, users just have to connect their wallet to the ATM and perform the sale transaction at the market price and the machine will return fiat cash equivalent to their asset value.
Australia’s Outlook Towards Crypto Assets
Australia gave cryptocurrencies and crypto service providers full legal status back in 2017. According to a report by Roy Morgan’s Research Institute, over a million Australians, or 5% of the country’s population, own crypto assets. Some estimates suggest the number to account for 20% of the population.
In 2018, the Australian government factored Anti-Money Laundering (AML) and counter-terrorism financing (CTF) laws into its crypto regulations due to the risk of the virtual assets being used to facilitate illicit activities.
Earlier this year, the Australian Securities and Investments Commission (ASIC), the nation’s financial services regulator, specified that cryptocurrencies are part of exchange-traded products (ETPs) and will be regulated as such.
Meanwhile, the Reserve Bank of Australia (RBA) has partnered with the country’s big four banks and payments giant Visa to develop a proof-of-concept (PoC) for its upcoming Central Bank-issued Digital Currency (CBDC).
At the time of writing, Bitcoin (BTC) is trading at $26,495.19 – up 2.2% since the previous day. The 24-hour trading volume on the Bitcoin network currently stands at $15.285 billion. After a tough week, the apex cryptocurrency is starting to make some gains.