Crypto expert challenges banks over cash access in Australia
An Australian fintech and cryptocurrency expert recently spoke at the Australian Crypto Convention, raising concerns about the fintech industry’s failure to provide suitable on-and-off ramp cash solutions for regional communities.
Ben Brockliss, CoinFlip’s VP for Australia and New Zealand, pointed out a troubling trend: a decline in access to cash in regional areas, driven by widespread bank branch and ATM closures. The shift is creating financial difficulties for residents and businesses in rural areas across the country.
According to Brockliss, demand for CoinFlip’s crypto ATMs in these places is increasing, thereby filling a gap left by traditional banking services. “Over 650 bank branches have closed across regional and rural Australia since the start of 2020. Residents in these areas are now facing extensive travel to access banking services, while businesses are encountering serious operational challenges,” he said.
The growing reliance on alternative solutions like crypto ATMs underscores the ongoing need for cash access in isolated communities.
While cash use for in-person transactions has seen a notable decline—from 32% to 16% over recent years—Brockliss emphasised that cash is far from obsolete. He noted a resurgence in cash acceptance among some businesses, particularly in rural areas. “Cash is still a major form of tender in the country community. There are some areas where our ATMs are the only cash machines available for tens of kilometres,” he said.
CoinFlip’s crypto ATMs provide a way for users to buy and sell cryptocurrency with cash, offering near-instant settlements. The ATMs, which can be found in over 700 locations around Australia and New Zealand in accessible locations like petrol stations and shopping centres, attempt to bridge the gap between traditional cash and digital currencies. According to Brockliss, their accessibility makes it easier for anyone—regardless of their familiarity with crypto—to integrate digital assets into their daily lives.
Users can, for example, build funds by purchasing digital currencies at the ATMs and then converting them back into cash for everyday expenses such as food or fuel. “The ethos behind CoinFlip is to bridge the gap between cash and crypto by providing a seamless on-ramp for physical currency to cryptocurrency,” Brockliss said. He said that CoinFlip’s ecosystem prioritises security and ease of use, making crypto accessible to seasoned investors and newcomers.
CoinFlip is also tackling broader financial challenges in regional areas by introducing stablecoins like AUDD, which is pegged to the Australian Dollar. Stablecoins aim to support business banking in areas where traditional cash deposit ATMs and bank branches have disappeared.
“We’re introducing stablecoins like AUDD, tied to the Australian Dollar, to support business banking in regional communities where cash deposit ATMs and bank branches are being phased out. This is our way of enabling B2B merchant banking and supporting businesses in regional areas, ensuring they have access to essential financial services,” Brockliss said.
CoinFlip is working to bridge the divide between cash and crypto. Its efforts offer a solution to communities underserved by traditional banking systems. By increasing access to bitcoin and providing dependable financial services, the company can position itself as a player in the evolution of digital finance.
(Photo by Unsplash)
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