The joint investment contract is for the entire global network of Stargroup ATMs, originally with 500 in Australia, to allow purchasing and sale of Bitcoin.
The cryptocurrency hit a peak $US4,800 for the first season on Friday. Bitcoin is up 390% this year.
Currently, there are less than 20 ATMs in Australia which can treat a Bitcoin transaction with exchange fees between 4% and 8% of the purchase value.
Most of those ATMs are only one-way ATMs involving users can only take Bitcoin and add it to their Bitcoin wallet.
The Star group/DigitalX joint investment will enable users to pay out Bitcoin to Australian dollars.
It can take ages for Bitcoin owners to convert the digital currency to cash using current Australian online digital money exchanges.
The joint venture says the Two-Way Stargroup ATMs are required to solve a vital pain point for Bitcoin users.
“This expansion may also be able to be implemented to other cryptocurrencies and be shared internationally,” says Todd Zani, Star group’s CEO and Executive Chairman.
In Australia, Stargroup has 500 of its own ATMs and maintains another 2,400.
The organization has an 11.28% stake in NeoICP Korea Inc, a private Korean company which produces ATMs, back office, coin counting, banking, and casino contract solutions. NeoICP Korea has nearly 16,000 ATMs.
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