Binance, one of the largest cryptocurrency markets, has backed Australian distributed ledger technology (DLT) payment company TravelByBit, the exchange said in a statement on Wednesday. The exchange poured A$ 3.5 million ($2.5 million) into the startup with the goal to develop a point-of-sale payment system across airports worldwide.
The TravelByBit platform has already been integrated into Brisbane’s airport. The startup, founded last year, enables cryptocurrency payments for tourists across Australia without the need to exchange fiat currencies at high rates. It offers to buy goods and services including booking services by using virtual coins. The company has contracts with various merchants, from shops to golf resorts.
“Imagine traveling with multiple stopovers and only needing a single currency,” Caleb Yeoh, the chief executive officer (CEO) of TravelbyBit, said in the statement.
“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.”
Currently, TravelByBit supports Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). As part of the cooperation with Binance, the Australian company has integrated payments with the exchange’s own token Binance Coin (BNB). Recently, TravelByBit has received funding from NEN Community Fund and will soon enable NEM (XEM) payments. The fund is a financial tool for widening NEM blockchain and XEM coin usage.
“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,” Changpeng Zhao, the CEO of Binance, explained.
“Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there.”
In August, TravelByBit got A$100,000 from the Queensland government with the aim to promote local tourism. The startup is based in Brisbane, the capital of Queensland.