CoinFlip Transforms Bitcoin Access

By June Ramli

Sydney, June 21: CoinFlip is transforming the landscape of Bitcoin transactions across Australia and New Zealand with its rebranded Bitcoin ATMs. These ATMs offer top-notch security features, including advanced blockchain analytics, 24/7 customer support, and clear fraud warnings, ensuring secure transactions for users. As an AUSTRAC-registered exchange, CoinFlip adheres to strict KYC and AML regulations, distinguishing itself by keeping user funds in personal wallets rather than holding them. This non-custodial approach, combined with a straightforward transaction process, has led to a significant increase in usage, highlighting a growing demand for accessible cryptocurrency services. By making digital currencies more accessible and secure, CoinFlip’s ATMs are helping to foster a more inclusive financial system and changing the way people perceive Bitcoin as a stable and reliable investment. Read more below.

Interview with Ben Brockliss, VP of ANZ at CoinFlip

How does CoinFlip ensure the security of transactions at its newly rebranded Bitcoin ATMs?
When it comes to our ATMs, we employ a multipronged approach to ensure secure transactions, protect consumers and provide a positive customer experience.
For those needing assistance, CoinFlip provides 24/7 live customer care through our team of highly trained support agents who can help you navigate a transaction and are trained to identify fraud and warn customers. CoinFlip also utilises state-of-the-art blockchain analytics tools to proactively prevent fraud and block transactions to highly suspicious wallet addresses. Lastly, we also display highly visible, clear fraud warnings to customers prior to processing any transactions.

What measures has CoinFlip implemented to build customer trust in using these digital currency kiosks, especially for new users?
We’re a company focused on compliance and consumer protection – it’s a core part of our ethos. As an AUSTRAC registered digital currency exchange, we comply with all applicable Know Your Customer (KYC) requirements and Anti-Money Laundering (AML) laws and regulations to ensure our users are confident to use CoinFlip ATMs from the very first transaction.
Unlike other exchanges – we are non-custodial, so we never have access to or hold customer funds, all customer assets are sitting safe in their own wallets. This is an important differentiator given recent challenges faced by some of the big-name exchanges.

Can you describe the impact of CoinFlip’s ATMs on the accessibility and mainstream adoption of Bitcoin in Australia and New Zealand?
Research estimates about 10 per cent of Kiwis and 4.6 million Aussies own cryptocurrency, and our recent user trends have shown an uptick in adoption. CoinFlip has seen a 384 per cent increase in volume transacted in Australia, and a 235 per cent increase in New Zealand. These points highlight the region’s growing demand for easy consumer access to purchase cryptocurrencies.
However, there are significant barriers preventing ownership from growing even further. A lack of understanding and a lack of industry specific knowledge are at the helm, which can be daunting for new and potential users.
Aussies also tend to hold onto their crypto assets for a long period of time, which we call a ‘HODL’ mentality. As a result, the demand for user-friendly platforms and services is increasing, to provide easy access to bitcoin and other cryptocurrencies.

How do CoinFlip’s ATMs handle privacy concerns, especially given the sensitive nature of financial transactions involving Bitcoin?
We understand users may have some concerns when it comes to privacy, but we want them to be assured we have strong security measures in place to protect them. All customer data, including
personally identifiable information (PII) is handled and stored according to best practice. We use a secure third party to process and store identity information.
Our internal teams (IT, Security and Legal and Compliance) have strong processes in place to ensure our products, services and technical infrastructure are reliable and follow industry best practices.

What are the advantages of using CoinFlip’s ATMs over other methods of buying and selling digital currencies?
CoinFlip charges 30 per cent less in fees, on average, than our leading competitors. We also have the largest coverage in Australia with ATMs available in easily accessible places such as shopping centres and petrol stations. Customers can invest in any one of these simply by taking cash out at the checkout or placing in your leftover change from the weekly shop.

How has the introduction of CoinFlip ATMs influenced public perception of Bitcoin as a stable and reliable investment?
CoinFlip’s simple transaction process, of converting cash into cryptocurrency, has made owning cryptocurrency more accessible and available to a broader universe of people. In particular, it evens the playing field for anyone to invest and participate in this growing sector. ATMs are also a familiar concept to the majority of people; so by introducing a mechanism for investing in crypto through an ATM platform, it makes it a more digestible process than trading in exchanges online.

What role do CoinFlip ATMs play in fostering a more inclusive and equitable financial system through digital currencies?
At CoinFlip, we believe cryptocurrency is for everyone, so we use blockchain technology to provide a secure, inclusive, and supportive on-ramp to financial services. CoinFlip was founded in 2015 as a company to make cryptocurrency securely and conveniently available to anyone. It provides an inclusive financial system that puts individuals’ needs first. Guided by this ethos, we have grown to be the largest network of bitcoin ATMs in the country, making it so anyone can easily buy crypto with cash.

How does CoinFlip address regulatory and compliance issues related to Bitcoin transactions at its ATMs?
As an AUSTRAC registered digital currency exchange, we comply with all applicable Know Your Customer (KYC) requirements and Anti-Money Laundering (AML) laws and regulations.

Can you explain how the technological features of CoinFlip’s ATMs prevent fraud and ensure transaction integrity?
If it’s your first time using a CoinFlip ATM, you must complete a 3-minute ID verification with any government issued ID.
Our team of highly trained support agents are focused on identifying any aspects of fraud, with CoinFlip also utilising state-of-the-art blockchain analytics tools to proactively prevent fraud and block transactions to highly suspicious wallet addresses.

How does one deposit money into a CoinFlip Bitcoin ATM and receive their digital currency?
The process of using CoinFlip ATMs has never been easier or more secure, and all you need is your smartphone, crypto wallet and cash.
Firstly, choose your preferred crypto currency, accept the terms of service and specify the desired purchase amount. Enter your phone number and the one-time passcode sent to you. If it’s your first time, complete the quick ID verification with any government issued ID. Then open your corresponding crypto wallet and follow the relevant prompts to unveil your wallet QR code, and scan when prompted. Insert your cash (minimum of $10), accept the quote and complete your purchase. After this, the transaction will be sent within minutes.