Crypto Quill

SYDNEY, November 24, 2024 – Ben Brockliss, Vice President of Australia and New Zealand at CoinFlip, has issued a bold statement at the annual Australian Crypto Convention, calling on the fintech industry to provide better on and off-ramp solutions for cash in rural and regional Australia. Brockliss’s comments come at a time when traditional banking systems continue to remove access to physical cash in remote areas, making it increasingly difficult for both individuals and businesses to access essential banking services.

The Cash Crisis in Regional Australia

Brockliss highlighted the dramatic decrease in the number of bank branches and ATMs in regional Australia, with over 650 bank branches closing across rural areas since 2020. This trend, he says, has left many communities facing long journeys to find the nearest banking services, and businesses are now struggling to operate effectively without access to cash.

“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,” said Brockliss. He emphasized that the traditional banking sector’s pullback from rural and isolated locations is leaving residents with limited options.

Despite a nationwide shift toward digital payments, Brockliss argues that cash remains a vital tool in regional communities. While the share of in-person transactions using cash dropped from 32% to 16% in just three years (2018-2021), cash is still widely used in rural areas, where digital infrastructure may not always be as reliable.

CoinFlip’s Solution: Bridging the Gap Between Cash and Crypto

CoinFlip is stepping in to provide an alternative to traditional banking systems by offering easily accessible cryptocurrency ATMs across the country. These ATMs allow users to buy and sell cryptocurrencies using cash, providing a bridge between physical currency and the digital world. CoinFlip currently operates more than 700 ATMs throughout Australia and New Zealand, located in convenient spots such as petrol stations, convenience stores, and shopping centers.

“We are committed to keeping cash in the country, and creating accessible ways for the community to continue to use and access this,” said Brockliss. He pointed out that, in some regions, CoinFlip’s ATMs are the only accessible option for cash withdrawals or deposits, serving as a lifeline for individuals who may otherwise be without banking services.

Cryptocurrencies as a Viable Alternative

Brockliss also defended the long-term viability of cryptocurrencies as a tool for financial inclusion. Over the past five years, the price of Bitcoin has increased by over 700%, signaling the potential of digital currencies as a sustainable financial asset.

CoinFlip ATMs cater to both crypto novices and experts alike, allowing customers to engage with digital currencies in a simple, secure manner. Brockliss emphasized that the machines are user-friendly and designed to make crypto accessible to anyone, whether they are looking to buy popular digital assets or convert crypto back into cash for everyday use.

Introducing Stablecoins to Support Business Banking

Looking to the future, Brockliss revealed that CoinFlip is exploring the use of stablecoins, such as AUDD (tied to the Australian Dollar), to support regional businesses. As major banks phase out their cash deposit ATMs and branch services in these areas, CoinFlip sees stablecoins as a way to ensure businesses have access to essential financial services without relying on traditional banking infrastructure.

“Stablecoins like AUDD are going to play a significant role in supporting B2B merchant banking in areas where traditional banks have pulled out. This is our way of ensuring businesses can continue to operate and thrive, even in the most remote parts of Australia,” said Brockliss.

CoinFlip’s Growing Presence

As Australia’s largest bitcoin ATM provider, CoinFlip is committed to offering secure and reliable access to cryptocurrency. Their ATMs allow users to easily deposit or withdraw cash using digital currencies, providing a seamless integration of crypto into everyday life. With 700+ locations across Australia and New Zealand, CoinFlip continues to expand its network and further its mission of bridging the gap between cash and crypto.

The company has served over 400,000 customers worldwide, and its self-custodial digital wallet enables users to maintain full control over their assets. CoinFlip’s blend of digital and physical solutions aims to make cryptocurrency more accessible, particularly for those in regional areas with limited access to traditional banking options.

A Call for Change

Brockliss’s call for greater crypto adoption in regional Australia is part of a larger conversation about the future of banking and financial services. As traditional banking systems continue to retreat from rural areas, blockchain and cryptocurrency solutions like those provided by CoinFlip offer a promising alternative for individuals and businesses looking to stay financially connected.