CoinFlip Wallet launches in Australia & New Zealand

CoinFlip has announced the launch of its new Wallet service in Australia and New Zealand, aiming to enhance the process of sending and receiving cryptocurrency.

The introduction of the CoinFlip Wallet is intended to provide users with a convenient platform that allows for easy location of nearby ATMs, pre-registration for increased transaction limits, and efficient management of cryptocurrencies. This new service integrates with CoinFlip's extensive global ATM network, which boasts over 5,000 locations worldwide. In Australia alone, the network facilitates more than 2,000 transactions monthly, reflecting the region's active participation in cryptocurrency investments.

CoinFlip Vice President for Australia and New Zealand, Ben Brockliss, explained the strategic introduction of the Wallet, stating, "The CoinFlip Wallet was launched in the ANZ market in response to a growing demand for secure, flexible, self-custody solutions." He further elaborated on CoinFlip's commitment to making cryptocurrency accessible while prioritising security and education, noting, "Despite growing interest, barriers like limited understanding and technical knowledge can deter new users. CoinFlip's extensive ATM network helps break down the barrier, with our wallet making crypto more accessible and approachable across the market." The Wallet uses the security features inherent in a user's smartphone, allowing for convenient and secure access to digital assets.

The current Australian Securities Exchange (ASX) data indicates a median investment of AUD $5,100 by Australians in cryptocurrency during 2023, showcasing a significant interest in digital assets. CoinFlip's ATMs are designed to support this market by providing a straightforward and secure method for buying and selling cryptocurrency using cash.

CoinFlip's Wallet seeks to further alleviate complexities associated with cryptocurrency transactions. Users can download the Wallet app, available for both iOS and Android devices, and follow a simple setup process that includes verification, access enablement, and an optional backup procedure.

In addition to its Wallet service, CoinFlip asserts that its ATM transaction fees are, on average, 30% lower than those of leading competitors. The company also operates one of the largest ATM networks in Australia, strategically placing machines in convenient locations such as shopping centres and petrol stations. This accessibility supports seamless transactions, allowing customers to convert cash to cryptocurrency efficiently.

CoinFlip employs a team of support agents trained to provide guidance on conducting transactions and identifying potential fraud risks. The company leverages advanced blockchain analytics tools to detect and halt suspicious activities.

Outside the traditional ATM and Wallet services, CoinFlip also offers CoinFlip Preferred, a bespoke over-the-counter service for individualised cryptocurrency transaction support. Moreover, CoinFlip Ventures, launched in 2022, focuses on investing in and supporting early-stage crypto and web3 projects.

CoinFlip operates the largest network of cryptocurrency kiosks by transaction volume worldwide, with operations spanning across 49 U.S. states as well as numerous international locations such as Canada, South Africa, Italy, and more. The company was established in 2015 by Daniel Polotsky, Kris Dayrit, Alan Gurevich, and Ben Weiss, and has gained recognition in various business and technology rankings.