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Binance Invests $2.5 Million in Australian Blockchain Travel Startup

Binance has announced an investment of $ 2.5 million in TravelByBit, securing a blockchain – based POS outlet in airports around the world. Travel funds will be able to be spent visiting local traders at select international airports and use mobile wallets like coinomi and dash for payments. There are also plans to contribute to the adoption of Binance’s own official wallet.
“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,” their CEO declared.
A positive outlook on digital currencies has emerged in Australia from launching bitcoin next to the other cryptocurrencies as legal tender from other cryptocurrencies and has given lessons on exchanges laws, and taxation of the clients.
Brisbane, known as mecca for all visitors to Australia, is the third largest city and capital of Australia. It receives millions of tourists and the Australian government is taking billions of dollars from tourism. It gave a grant to TravelBybit to turn this state into an international haven for tourists to spend their crypto .the startup fund used the funding to secure the POS for 200 traders at a national level. The platform was also integrated into the Brisbane airport, making it the first airport in the world to take cryptocurrencies.
In correspondence with Bitcoin Magazine, Wei Zhou, CFO at Binance, stated his enthusiasm with the investment and said Binance was looking forward to rinsing and repeating the model that has been so successful in Brisbane to other parts of the world.
“With the support of the Queensland government, TravelbyBit has turned Brisbane into a true crypto-friendly tourism destination. TravelbyBit is helping over 30 retail stores and restaurants in the Brisbane airport — and over 200 other locations in Queensland — accept digital currencies, including Binance’s own BNB token. Now, Binance is working with TravelbyBit to replicate this successful model and move the tourism industry forward in other regions.”
TravelbyBit’s partnership with Binance will allow the startup to introduce its blockchain-based POS system, currently being used at the Brisbane airport, into other international airports worldwide, so travelers can enable cryptocurrency payments for tourists across the world without the need to exchange fiat currencies at expensive rates. The launch of the startup system currently supports bitcoin, ethereum, das, and litecoin, and it will start to include bnb coin ( bnb ) – in a move to increase the use of bnb.
The CEO of TravelbyBit named the benefits of using cryptocurrencies for the travel industry, which he believed would lower exchange rates and the remaining currencies after a trip . “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.”

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