• Sat, 20 Jul 2019, 09:20 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Queensland government invests in crypto-based travel and tourism startup TravelbyBit

Thu, 02 Aug 2018, 04:23 am UTC

The government of Australian state of Queensland has announced a grant to a cryptocurrency startup TravelbyBit.

TravelbyBit, a digital currency payments platform for the travel and tourism industry, is one of 70 companies that will receive the grant as part of over $8.3 million in Palaszczuk Government innovation funding.

The government has recognized the startup’s potential to drive more tourists to Central Queensland. Innovation Minister Kate Jones said TravelbyBit was among the latest round of companies to receive Advance Queensland Ignite Ideas funding, which is part of the Palaszczuk Government’s $650 million Advance Queensland initiative.

“Tourism is one of Queensland’s most important industries. TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments,” she said.

TravelbyBit enables businesses to accept payments in digital currencies like Bitcoin in a simple and secure manner. Its system is currently used by over 150 merchants across Australia, co-founder and CEO Caleb Yeoh said in a statement.

Jones said the companies supported through Ignite Ideas had products that were on the cusp of commercialisation, or ready to scale up for new markets. She said that the grant will help TravelbyBit to “scale-up their operation and ultimately create more jobs in Queensland.”

Yeoh said the $100,000 from round four Ignite Ideas funding would allow the company to build upon the success it has already achieved in connecting local Queensland merchants to cryptocurrency-spending tourists. He added that the funding will be used to develop a “purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry.”

TravelbyBit currently supports Bitcoin, Litecoin, Dash, Ethereum, XEM, and announced plans to add support for BNB soon.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,590.30 (+1.52%)
  • Ethereum (ETH) $226.00 (+2.61%)
  • XRP (XRP) $0.326300 (+2.76%)
  • Litecoin (LTC) $99.03 (+1.12%)
  • Bitcoin Cash (BCH) $312.16 (+1.33%)
  • Bitcoin (BTC) $10,590.30 (+1.52%)
Jul 19, 2019 (Friday)
11:17
Crypto Technicals: XRP/USD grinds lower along 200H SMA, break below 5-DMA to see further weakness
11:12
Binance Jersey announces listing of GBP-backed stablecoin ‘BGBP’
10:32
Rape and sexual harassment case against bitcoin developer blows up
10:15
New Jersey accuses blockchain firm Pocketinns of selling $410K unregistered securities
09:59
Crypto Technicals: LTC/USD struggles at 110-EMA, bias bearish
09:58
Blockchain firm Algorand joins International Swaps and Derivatives Association
09:22
Neo, Ontology partner to develop blockchain interoperability protocol
07:35
Consumer advocates call on Libra partners to withdraw collectively from Facebook's crypto project
07:31
Apple's Steve Wozniak invests in blockchain-based energy efficiency firm 'Efforce' in Malta
07:28
Cryptocurrency exchange ErisX joins U.S. Chamber of Digital Commerce
07:26
LibertyX exceeds 1,000 bitcoin ATMs in the U.S. via new partnership
06:59
Blockchain interest dropping, DLT in trouble?
06:37
Waves founder launches Waves Enterprise to develop corporate blockchain solutions
06:03
IRS goes after cryptocurrency users misreporting transactions
05:05
Facebook's Libra, other cryptocurrencies pose risk of global economic destabilization: G7
04:42
Anchorage receives charter to open crypto custody shop in South Dakota
04:27
Bank of Thailand's DLT-focused Project Inthanon advances to Phase III
Jul 18, 2019 (Thursday)
11:52
MOBI launches first vehicle identity standard on blockchain
11:49
FATF approves Japan’s plan to establish global network for crypto payments: Report
11:13
Crypto Technicals: ETH/EUR downside pauses shy of 200-DMA, bullish divergence on intrday charts keeps scope for upside
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft