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Binance invests $2 500 000 in Australian startup TravelbyBit

Cryptocurrency exchange giant Binance today announced it is investing over $2 500 000 in TravelbyBit, the Australian startup responsible for facilitating the world’s first digital currency-friendly airport in Brisbane. The cryptocurrency powerhouse will work with TravelbyBit to introduce a global point-of-sale (POS) payment system, incorporating blockchain technology into major airports around the world.

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 traveling, just after you land in a foreign country, where you may not have the local currency. Long term, TravelbyBit shares our vision and values, and we are excited to work together with them to bring a blockchain-enabled economy.”

In 2018, Binance became the fastest company ever to hit a valuation of USD$1 billion. Over the course of this year, it expects to net as much as USD$1 billion in revenue, as well as add to their already impressive base of 10 million users. These users will soon be able to spend their crypto in participating airports around the world.

At selected international airports such as in Brisbane, travellers will now be able to visit airport merchants and use a digital currency mobile wallet for quick, easy, and secure POS payments.

TravelbyBit offers a multi-currency payment platform. While it currently supports payments in Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), airport visitors will soon have the option to also use Binance Coin (BNB) as payment at TravelbyBit merchants.

Caleb Yeoh, CEO of TravelbyBit, said:

“Blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates. Imagine traveling 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.”

Binance has close to 10 million users with few places at which to spend their digital currency. For over a year, TravelbyBit has been bringing onboard mainstream businesses to accept digital currency. Together, the two companies are looking to push the adoption of blockchain technology around the world.

Through its global reach, Binance will also help generate interest amongst its 10 million users around the possibilities of traveling to Australia and paying with digital currency. Binance’s investment of over $2 500 000 will help TravelbyBit significantly scale up operations, creating more jobs in Queensland.

Queensland’s Minister for Innovation and Tourism Kate Jones said, “It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem.”

The Palaszczuk Government (state government of Queensland) is proud to support TravelbyBit with a AUD$100 000 Advance Queensland Ignite Ideas grant to grow their business, take on the global market and ultimately create jobs more jobs in Queensland.

Representatives from major airports and retailers can contact Caleb Yeoh CEO and the retail payments team at sales@travelbybit.com to explore options to integrate blockchain payments into their existing POS systems.

Binance

Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, Info, Academy, and Blockchain Charity Foundation. Binance Exchange is one of the most popular and fastest growing cryptocurrency exchange platforms in the world, capable of processing over 1.4 million orders per second, making it one of the fastest exchanges in the world. The platform focuses on security, robustness, and execution speed – attracting enthusiasts and professional traders alike.

TravelbyBit

Based in Queensland, Australia, TravelbyBit is a global blockchain payments provider for the travel and tourism industry, enabling merchants to accept payments in digital currencies like Bitcoin and providing booking services for digital currency travellers. TravelbyBit has a growing network of crypto merchants and is building bitcoin tourist routes around the world starting with Australia and New Zealand where travellers can pay for their entire travels with digital currency.