The world’s leading cryptocurrency exchange, Binance, has invested in an Australian start-up, TravelbyBit, to facilitate the world’s first crypto-friendly airport at Brisbane.
Travel Use-Case for Binance Coin
Binance, one of the largest cryptocurrency exchanges in the world, announced yesterday that it would be investing over USD$2.5 million in TravelbyBit, an Australian start-up focused on blockchain payments for the travel and tourism industry.
The investment will enable the Queensland-based firm to facilitate turning the Brisbane airport into a blockchain-friendly airport. Travelers will be able to shop at the airport with cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Binance Coin (BNB).
Changpeng Zhao, CEO of Binance, said:
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 traveling, just after you land in a foreign country, where you may not have the local currency.
He added:
Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there.
Long term, TravelbyBit shares our vision and values, and we are excited to work together with them to bring a blockchain-enabled economy.
Convenience for Travelers
The two companies will work together to introduce a global point-of-sale (POS) payment system, incorporating blockchain technology into major airports around the world starting from Brisbane. Travelers will now be able to visit merchants at the airport and use a cryptocurrency mobile wallet for POS payments that are both quick and easy, not to mention secure.
TravelbyBit currently supports a multicurrency payments platform. They will now add support for BNB in addition to the existing BTC, ETH, and LTC. Caleb Yeoh, CEO of TravelbyBit, said:
Blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates.
Yeoh added:
Imagine traveling 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.
A Good Step Towards Adoption
This partnership should further enable the mainstream adoption of cryptocurrencies. TravelbyBit has been working over the last year onboarding merchants to accept digital currencies. Binance currently has 10 million customers, and those traveling to Brisbane can now spend their crypto-holdings at the airport.
Binance has experienced phenomenal success from the time it was launched just about a year ago. The exchange has been very aggressive in expansion, recently moving to Malta due to the country’s crypto-friendly regulations. Binance has also moved into new territories, such as Uganda and Singapore, to increase their reach and customer base. With good cash reserves from its profitable trading business, it apparently wants to diversify its portfolio into high potential start-ups.
Do you think with startups like TravelbyBit coming up across the world, mainstream adoption of digital currencies will pick up speed in 2019? Let us know in the comments below.
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