Crypto exchange Binance invests $2.5M in Australian startup TravelbyBit

Binance, the world’s largest cryptocurrency exchange in terms of 24-hour trading volume has invested more than $2.5 million in Australian startup TravelbyBit.

Founded in 2017, TravelbyBit is a digital currency payments platform for the travel and tourism industry. Earlier this year, it collaborated with Brisbane Airport to launch the world’s first digital currency airport terminal. Most recently, it was awarded a grant by the government of Australian state of Queensland.

According to the official release, Binance’s investment will help TravelbyBit significantly scale up operations, creating more jobs in Queensland.

The companies will work together 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 that the companies will collaborate to foster a “blockchain-enabled economy.”

“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 currency,” 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.”

TravelbyBit currently supports payments in Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). It plans to soon add support for Binance Coin (BNB).

“Blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates,” Caleb Yeoh, CEO of TravelbyBit, said. “Imagine travelling 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.”