Business
Binance Invests $3,2 Million in TravelbyBit
Duo Aims to Bring Crypto to All Major Airports Worldwide
For quite a while, Binance isn’t just an ordinary centralized cryptocurrency exchange. One of the biggest exchanges in the world has acted as an entrepreneur on more than one occasion.
This time, according to the businessinsider.com, Binance decided to invest $3,2 million in the Australian blockchain tourism startup, TravelbyBit.
What is TravelbyBit?
TravelbyBit is a startup which enables travelers to use cryptocurrencies instead of FIAT on their travels by being a mediator between merchants and customers.
Although the company is still in the early stages, they have scored some formidable partnership deals besides the one with Binance.
On May, 31st, the Australian Brisbane International Airport announced became the first cryptocurrency friendly international airport in the world through the partnership with the startup.
Furthermore, the collaboration with TravelbyBit transformed a small Australian coastal town of Agnes Water into the first “digital currency town” in the world.
What is the Goal of the Partnership?
According to the announcement, by working closely together, Binance and TravelbyBit are looking to create a blockchain powered payment system across all major airports around the world.
“There is no better use of cryptocurrencies than travelers using it right after landing in a foreign nation,” stated Changpeng Zhao, the CEO of Binance.
Popular CZ invited all travelers to look for TravelbyBit and put their coins to use.
“Let’s start with airports and go from there,” he said.
TravelbyBit Will Add Binance Coin (BNB) to Their Platform
Until the new partnership deal, TravelbyBit’s system supported Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) ad the means of payment.
Naturally, this investment brought Binance a new use case for their coin as in the next few days, TravelbyBit will include Binance Coin (BNB) on their payment platform.
Partnership Enjoys the Government’s Support
Despite some skeptical officers from the Reserve Bank of Australia (RBA), the government of Queensland granted $5.9 million to 70 Australian companies, and TravelbyBit was one of them as a startup dealing with cryptocurrencies exclusively.
“It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem,” declared Queensland Minister for Innovation and Tourism, Kate Jones.
Australia is taking huge steps in line with the innovative technologies.
The historic first-ever successful blockchain bond was issued in Australia, in August 2018. Australian banks are using the blockchain based financial technology, and its government is partnering with giants of the industry to produce a smart contract platform.
Looking at all these facts, we can easily deduce that Binance’s decision to invest and partner up with TravelbyBit is more than understandable.
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