• Tue, 21 May 2019, 08:34 PM
  • All times are UTC
  • Edition:
    International
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. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,004.75 (+1.40%)
  • Ethereum (ETH) $257.70 (+2.88%)
  • XRP (XRP) $0.399400 (+0.83%)
  • Bitcoin Cash (BCH) $423.05 (+3.86%)
  • EOS (EOS) $6.34 (+1.26%)
  • Bitcoin (BTC) $8,004.75 (+1.40%)
May 21, 2019 (Tuesday)
11:23
Crypto exchange Kraken raises over $6.5M in equity funding
10:58
Crypto Technicals: BTC/USD hovers around $8000 mark, poised for upside resumption
10:54
PBoC-backed Shenzhen Fintech Research Institute seeks blockchain talent
10:16
Austrian fiber producer Lenzing to launch blockchain-based traceability platform
09:44
Crypto Technicals: Monero pullback finds support at 21-EMA, eyes $100 on upside resumption
09:30
US SEC again delays decision on VanEck bitcoin ETF application
07:55
Crypto Technicals: NEO/USD bounces off 110-EMA, retraces above cloud, scope for test of 13.85
07:39
Honda and GM team up to explore blockchain potential in smart grid and electric car interoperability
06:23
Seoul to roll out blockchain-based citizen cards
05:46
U.S. IRS to soon issue crypto tax guidance
05:05
Crypto and forex scams more than tripled in 2018/19 financial year, FCA finds
04:10
Mutual funds network Calastone goes live with real-time blockchain-based platform
May 20, 2019 (Monday)
11:53
Crypto Technicals: ETH/USD extends sideways, no major signs of reversal seen
10:32
Crypto Technicals: NEO/USD holds 1H 200-SMA support, break below eyes 9.42
08:19
ABB, Evolvere launch blockchain pilot for energy sector
07:25
Coinbase Earn expands to over 100 countries
07:25
Bahamas securities watchdog proposes cryptocurrency regulations
05:58
ABN Amro to roll out blockchain and IoT platform for commodities industry
05:52
Facebook registers new cryptocurrency firm Libra Networks in Switzerland
03:44
Billion, Microsoft to work with University of Warsaw on blockchain development
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft