Binance Australia’s CEO Leigh Travers sat for an AMA recently to answer all sorts of questions about crypto adoption in Australia and Binance AU‘s plans for the future. It covered a range of topics which we’ll get to below, but there was one item that was clearly at the top of Binance users’ list, and that was the prospect of a crypto debit card.
“The number one product that our users want is a debit card,” said Travers. “They want to be able to have more utility for their crypto. Paying bills, going to a merchant, using a debit card. That crypto value they have at Binance can then be spent elsewhere and we become just a part of the economy, rather than a separate, purely isolated asset they have sitting there.
“So really integrating that – those products – are a priority. We’re having a lot of engagement with the global team on how we can bring that out to the Australian market as quickly as possible, but under the right licencing framework.”
Unexpectedly, he then dropped a timeframe for the Binance AU debit card – and it’s quite soon.
“I think that’s something we’ve set as a stretch goal to come through this quarter.”
You can watch below, and this particular answer starts at around 24:30.
Crypto debit cards have been available internationally for some time, but Binance AU’s move would mark the first Australia-focused debit card connected to an Australian crypto account, which is guaranteed to comply with local regulations.
Another big priority for Binance AU moving forward is crypto adoption.
It already has a head start there – according to a Finder poll including 41,645 peoples in 22 countries, Aussies are ranked third in terms of crypto ownership, with 17.8% of the country holding. The only two countries with higher adoption rates were Nigeria and Malaysia. That may have something to do with the inflated property market, and young Aussies seeking more promising investments.
So Binance AU’s mission is already half-done, with 65% of Aussies holding Bitcoin, 42% holding Ether, 26% holding Cardano, and 23% holding – checks notes – Doge. Stay classy, Australia.
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Binance AU will probably want to bring some of them onto the Australian platform, as the days of crypto’s adolescence led early adopters to primarily hop onto overseas-based exchanges.
Sponsorships seemed to be the main line of Travers’ thinking here, with some major sports deals on the cards to get Binance AU’s name in front of big footy crowds and concerts. Running events was another idea mentioned.
Finally, one thing Aussie crypto owners will care about more and more is handling their taxes, and this is something Binance AU is uniquely positioned to help with in the Aussie market. Travers promised tools are on the way to help users sort out their purchase history and get tax advice, both in automated systems and actually speaking to customer service over the phone.