World’s largest crypto exchange Binance invests $3.5 million in Australian startup TravelbyBit
Cryptocurrency exchange giant Binance today announced it is investing over USD$2.5 million (AUD$3.5 million) 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.
“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.”
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.
Making travel a breeze
At selected international airports such as in Brisbane, travelers 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.”
Why is Binance and TravelbyBit the perfect pair?
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 to travel to Australia and pay with digital currency. Binance’s investment over USD$2.5 million (AUD$3.5 million) 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 an 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.
Binance is leading the charge to a blockchain-based future, with the launch of an investment fund in Binance Labs and creation of the Blockchain Charity Foundation, progress in building its decentralised exchange, and recent investments into blockchain-based eSports – and now, TravelbyBit.