Australians will soon be able to convert dollars to Bitcoin digital currency in 2900 ATMs following a deal between two ASX-listed companies.
DigitalX (ASX:DCC), the ASX’s only listed cryptocurrency company, signed a joint venture with ATM-maker Stargroup (ASX:STL) to add Bitcoin transactions to Stargroup’s 2900 Australian ATMs.
There are already about 20 ATMs in Australia that can exchange Bitcoins, but conversion fees are 4 to 8 per cent of the transaction value – and users can only buy Bitcoins.
It’s not yet known how high the Stargroup Bitcoin fees would be.
The plan with Stargroup is to allow people to also be able to cash out Bitcoins as Australian dollars.
The joint venture is conditional on two things: Stargroup has to build the software to allow for these kinds of transactions, and DigitalX has to develop the technology that will allow Bitcoin transactions work with that ATM software.
DigitalX did not say when it expected Bitcoin ATMs to be in use in Australia.
“We view this opportunity as a suitable fit to offer ordinary Australians exposure to crypto currency. The success of this joint venture with Stargroup will add long-term revenue channels to our business and additional value to our shareholders,” DigitalX CEO Leigh Travers said.
Stargroup CEO and chairman Todd Zani said the deal would allow them to leverage their position as an ATM maker, and hinted the software could be used for other cyrptocurrencies as well.
DigitalX has been contacted for comment.