Crypto Exchange Binance Invests $2.5M USD In Australian Startup TravelbyBit

Blockchain, Investing, News | October 3, 2018 By:

Binance, one of the world’s largest crypto exchanges by market capitalization, has invested $2.5 million in Australia-based crypto payment network TravelbyBit.

TravelbyBit designs tourist routes and provides selected providers with its very own digital currency payment platform. Travelers using the TravelbyBit service can choose to pay in bitcoin, ethereum, Dash, or Steem. Although customers pay in digital currencies, the merchants can choose to receive payment in cryptocurrency, fiat currency, or a combination.

As part of the invesment, Binance, which became the fastest company ever to hit a valuation of $1 billion, will work with TravelbyBit to introduce a global point-of-sale (POS) payment system, incorporating blockchain technology into major airports around the world. The goal is to enable travellers to visit airport merchants and use a mobile crypto wallet for quick, easy, and secure POS payments.

Caleb Yeoh, CEO of TravelbyBit, said that 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,” Yeoh said. “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.”

Changpeng Zhao, CEO of Binance, said that 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 currenc,” Zhao said. “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 January of this year, Brisbane Airport (BNE), the primary international airport serving Brisbane and South East Queensland, became one of the first major airline hubs in the world to accept cryptocurrencies at retail stores in both its terminals.