Crypto Payment Network TravelbyBit Receives Grant From Queensland Gov’t

Announcements, Investing | August 2, 2018 By:

Crypto Payment Network TravelbyBit has received $100,000 AUD ($74,000 USD) in federal grant money from the government of Australian state of Queensland to fund its new system.

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.

TravelbyBit was among the latest round of companies to receive Advance Queensland Ignite Ideas funding, which is part of the Advance Queensland initiative, a scheme launched three years ago during the 2015-16 Budget aimed at boosting innovation in the state. TravelbyBit co-founder and CEO Caleb Yeoh said they will use the funding to develop a purpose-built platform that will accept digital currencies from anywhere in the world.

“We have partnered with Brisbane Airport Corporation to launch the world’s first digital currency-friendly airport and integrated our cutting edge, blockchain-powered point-of-sale system across the regional tourism towns of 1770 and Agnes Water,” said Yeoh. “With this next phase of technology, we are targeting a different brand of tourist — the tech-savvy traveler from anywhere in the world that is looking to book travel experiences ahead of their trip and use digital currency to pay for their adventures.”

Innovation Minister Kate Jones said that tourism is one of Queensland’s most important industries, and TravelbyBit has devised a clever way to make it easier for visitors to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.

“I understand TravelbyBit is specifically targeting places like Bundaberg — using cryptocurrency to make it easier for tourists to book holidays,” said Jones. “That’s why we’ve invested to help them scale-up their operation and ultimately create more jobs in Queensland.”

To date, the Queensland government has invested 8.3 million ($6M USD) to roughly 70 different companies that are on the cusp of commercialization, or ready to scale up for new markets.

“These companies will use the funds to ramp up market development and expand their workforce,” said Jones. “Through a highly competitive, independently assessed process, they showed they have innovative products, talent, and the right mindsets to take their businesses to new levels and reach new markets.”