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Binance To Invest $2.5 Million In Development Of Australian Startup TravelbyBit

14:30 03/10/2018

TravelbyBit, an Australian blockchain startup that developed a payment system for the tourism industry, will receive $2.5 million investment from the Binance crypto exchange, Business Insider reports.



The companies will collaborate in order to implement a point-of-sale (POS) payment system in the largest airports worldwide. Currently, TravelbyBit allows merchants to accept payments in cryptocurrencies, and also helps travelers who own digital assets to book tickets and hotels.


It is very convenient to use cryptos when making payments just after a flight and landing in a foreign land, Changpeng Zhao, Binance’s executive director, stated. To do this, you just need to find TravelbyBit and make a purchase. Companies will start with airports and keep moving on, the head of the exchange added.


TravelbyBit provides an opportunity to make payments using bitcoin, ether, and Litecoin (LTC), but airport visitors will be able to pay at retail outlets with Binance Coin in the near future.


According to Caleb Yeoh, TravelbyBit’s executive director, the payment system is very handy for travelers who fly with several stops and need a single currency. The company works with airport managers and business owners who have a strong interest in advanced technologies. In the summer, the Queensland government allocated a grant of $100,000 to support TravelbyBit.


As previously reported, Binance plans to increase the turnover of its own tokens Binance Coin (BNB) by 32 million.

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