Ryze Recap 6/29: Bitcoin Coming to 3500 Australian Post Offices

Plus, Wirecard Scandal Affects Bitcoiners

It’s Monday, June 29th. If you’re new here, Ryze Recaps is a daily newsletter covering the top stories that Bitcoiners need to know in 2 minutes or less.

We’ve got two quick stories for you today.

Bitcoin Purchases and Payments Coming to 3500 Australia Post Locations

Australia Post, the country’s premier postal service, is starting to adopt Bitcoin. The 211-year-old government-owned institution is partnering with a local Bitcoin exchange to offer Bitcoin services to consumers at 3500 Australia Post locations. Consumers will be able to purchase Bitcoin and make Bitcoin payments through Post Billpay, a payment service offered at Australia Post locations.

Why it matters:

  • Australia Post, the country’s equivalent of USPS in the United States, enabling Bitcoin purchases and payments goes to show just how much Bitcoin adoption is growing in Australia. The Australian tax authority estimates that between 500,000 and 1 million Australians own Bitcoin. Global crypto-asset exchange Kraken launched in Australia earlier this month and offers support for consumers to deposit Australian dollars from their bank account. Bitcoin is also accepted at thousands of Coca-Cola vending machines across the country.

  • Buying Bitcoin at physical locations is a trend we’re seeing worldwide. Last week, we covered Bitcoin purchases coming to over 20,000 pharmacy and convenience store locations in the US. Buying Bitcoin from a trusted location, whether it’s a CVS Pharmacy or an Australia Post location, may be perceived as safer by newer Bitcoiners who may not be as comfortable with online exchanges.

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Wirecard Scandal Spreads to Crypto Debit Card Companies

VISA Debit cards issued by Crypto.com are no longer working, and those issued by TenX and Cryptopay are likely to stop working shortly. These companies offer services that enable consumers to spend crypto-assets with a debit card.

The cards offered by companies like Crypto.com are issued by Wirecard subsidiary Wirecard Card Services (WCS), which was suspended by the UK Financial Conduct Authority. Long story short, Wirecard is a financial services company that appears to have “lost” $2.1 Billion of cash. Its CEO was arrested and the company is filing for insolvency.

Crypto.com and other companies using WCS were affected as collateral damage, and will have to find new card issuers. In the meantime, Crypto.com is crediting all funds back to its customers’ crypto wallets, but funds will not be spendable via debit until a new card provider is finalized.

That’s all for today! We’ll be back tomorrow with another Ryze Recap summarizing the top stories in Bitcoin, and why they matter.

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Written by Ryze Financial— helping you understand and invest in Bitcoin, on your own terms.