EZ Crypto opens Australian Cash Point, says "cash makes crypto personal"
Cash Points are opening up across the world, making it easier for everyone to move between cash and crypto. But what these Cash Points look like, how they operate, and the reasons why they joined the network is different for each of them.
Take Daniel G and Daniel H for example. Located in Murray Bridge, a rural city just out of Adelaide, South Australia, they’ve recently joined the Cash Point network and having registered with Austrac - an Australian agency tasked with curtailing money laundering - they are now running one of Bitspark’s valued Cash Points.
The pair had heard of Bitcoin years ago, but only after a thorough investigation looking into cryptocurrency and the underlying technology did they decide to invest in Bitcoin in early 2017 - in the midst of the ICO boom.
Crypto is here to stay, using it just needs to be easier
Their vision is clear: cryptocurrency is here to stay and as the market matures it will play an increasingly important role in society.
Bound by this long-term vision, Bitcoin’s plummeting at the end of 2017 did not prompt them to sell. Instead, they held on to their investment and realised that price appreciation and long-term stability were dependent on wider adoption.
Both are active day traders, currently active on a number of exchanges including Binance, Bybit, Bitmex, and Coinbase. One of the problems, they noticed, is that it’s actually not that easy to buy into crypto, let alone convert crypto assets back to fiat. It’s possible to use a credit card or make a bank transfer, but they explained this is both expensive and slow.
In early 2018, they founded EZ Crypto and in collaboration with Stark Payments, a UK based crypto payments company, they are working on crypto adoption by making it easier to use the digital currency.
Practically, this means building relationships with stores and other venues, demonstrating the benefits of crypto, and assisting them in setting up a system to accept payments in crypto.
Opening the first Cash Point in South Australia
Bitspark appeared on their radar as a result of a simple internet search. They were exploring various on and off-ramps between Australian dollars and cryptocurrency and learned about Bitspark’s network of Cash Points where people can trade cash in local currencies - including AUD - for crypto and back.
“Bitspark’s mission made sense to us,” said Daniel G. “Cash isn’t going anywhere. You know, it’s not always easy to download an app, connect to a bank account, or feel confident enough to use a credit card to purchase crypto. Cash makes crypto personal. It is a way for people to ease into digital payments.”
This confirms what we’ve found earlier talking to people on the ground in different markets. In emerging economies, especially, where people are transitioning from a cash-based economy to digital payments, places where people can turn cash into digital money, or the other way around, are incredibly important.
For EZ Crypto, promoting cryptocurrency is not just about efficiency. It’s also about wider social benefits.
Making this work for everyone
“In our community, we have a lot of overseas workers. Many of them come from The Philippines, but also other places. They regularly send money back home and doing this in the form of crypto is just so much faster and cheaper. If we can promote and help them out so they can put more food on the table, then that’s a positive thing,” Daniel G explained.
Right now, they will work on an appointment-only basis at their office, or help people cash in and out in person. But for them, this is just the beginning.
Over the coming months, they want to have more conversations with local shops and stores, and, as true Bitspark ambassadors, take the idea to other towns in South Australia as well - and hopefully beyond.
“The idea is so simple,” Daniel H said. “You give us some cash and we immediately send you AUD stablecoins. Now it’s in your account. You can exchange it for Bitcoin, if you like, or you could exchange it for another stablecoin and send it to your relatives back home. There the stablecoins can be exchanged for cash. This is the way forward, we believe. So we want to spread this idea around and get Bitspark Cash Points opening up everywhere. We want to see this succeed.”