A high profile investor in the world’s largest cryptocurrency exchange Binance has pumped a staggering amount of $2.5 million into Australian based cryptocurrency payment firm, TravelbyBit.
The AUD $3.48 million investment in TravelbyBit made by Crypto unicorn Binance is targeted at expanding the cryptocurrency payment terminals after a successful execution in Brisbane earlier this year. This was duly reported by Business Insider Australia on Wednesday.
Aussie Crypto Payments Firm
The reports added that the collaboration between the two companies is introducing a point-of-sale (POS) system which has been developed by TravelbyBit to “major airports around the world.” The aim of this action is to further popularize the use of cryptocurrency amongst travellers who usually face the challenge of currency conversion. Binance’s chief executive Changpeng Zhao said:
“Let’s start with airports and go from there…Real, on-the-ground, just-when-you-need-it use case is the key to further crypto adoption. In this light, there is no better fit than being able to use your crypto when travelling, just after you land in a foreign country, where you may not have the local currency.”
Owing to the problem-solving characteristics of Queensland-based TravelbyBit that gives a reasonable explanation to how the startup has grown to become one of Australia’s most-relevant startups in the cryptocurrency world coupled with the fact that it focuses on adoption via developing software and POS retail terminals that allow for payment using cryptocurrency.
Aussie Crypto Startup Gets Support
In light of recent development, there is no doubt that the Aussie crypto startup has carved a niche for itself as it continues to earn recognition and investment from the Queensland government, including an allocated fund from an AUD 8.3 million grant.
Queensland Innovation Minister Kate Jones describes the startup as a “company set to drive more tourists to Central Queensland by selling travel experiences online using cryptocurrency,” Jones further stated that;
“Tourism is one of Queensland’s most important industries. TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.”