Binance to Invest $2.5 Million in Aussie Startup TravelbyBit

The two will work towards introducing a POS payment system using blockchain technology for large international airports.

Binance, the world’s largest cryptocurrency exchange, announced on Tuesday that it has teamed up with TravelbyBit, an Australian startup which facilitated the world’s first digital currency-friendly airport in Brisbane, Australia.

The partnership will see Binance invest more than $2.5 million in the startup and together, the two will work towards introducing a point-of-sale (POS) payment system which will allow blockchain technology to be incorporated into major airports across the globe.

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In certain international airports, such as Brisbane, travelers can now use a digital currency mobile wallet for POS payments for selected airport merchants. TravelbyBit operates a multi-currency payment platform. At the moment it supports payments in Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). However, in the near future, it expects to add Binance Coin (BNB) as a payment method.

This partnership is ideal for Binance, as it has close to 10 million users with only a few places that accept digital currencies as a method of payment. Soon its customers will have even more options as TravelbyBit has been recruiting mainstream businesses to accept digital currencies for more than a year. Together, Binance and TravelbBit aim to push the global adoption of blockchain technology.

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Changpeng Zhao, CEO & Co-Founder of Binance
Changpeng Zhao
Source: LinkedIn

Commenting on the partnership, Changpeng Zhao, CEO of Binance, said: “Real, on-the-ground, just-when-you-need-it use case is key for further crypto adoption. In this light, there is no better fit than being able to use your crypto when travelling, just after you land in a foreign country, where you may not have the local currency.”

“Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there. Long term, TravelbyBit shares our vision and values, and we are excited to work together with them to bring a blockchain-enabled economy.”

A Boost for Queensland

The state government of Queensland, the state in which Brisbane is located, has awarded TravelbyBit with an AUD$100,000 Advance Queensland Ignite Ideas grant. This is to give the company a boost and help it take on the global market, ultimately creating more jobs within Queensland.

Caleb Yeoh, TravelbyBit
Caleb Yeoh
Source: LinkedIn

Speaking on the collaboration, Caleb Yeoh, CEO of TravelbyBit, added: “Blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates.

“Imagine travelling with multiple stopovers and only needing a single currency. We’re working with the most innovative airports and retailers who want to offer their consumers non-traditional payment options and a chance to experience cutting-edge technology.”

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