Australia’s crypto adoption continues
Binance, the worlds favourite exchange and largest by volume just invested an astonishing $3.5 million ($US2.5 million) in Queensland start-up TravelbyBit according to a report published by business insider.
According to the report the two will work together in creating a point-of-sale (POS) payment system allowing the customer to pay in major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and soon the Binance Coin (BNB).
TravelbyBit aims to facilitate the adoption of cryptocurrencies through the tourism industry. TravelbyBit partnered with the Brisbane Airport early in 2018 making Queensland’s Brisbane Airport a world first in accepting Cryptocurrency.
The entire terminal is cryptocurrency friendly, all stores, coffee shops, and restaurants accept major cryptocurrencies.
Why pay in cryptocurrency
Investment in cryptocurrency started not so long ago with the creation of Bitcoin in 2009. Many investors, particularly early investors, hold large sums of cryptocurrencies and support the ecosystems growth. These investors as well as those new to the space have seen the benefits of Bitcoin and cryptocurrency as an alternative means of payment. Particularly when travelling paying with cryptocurrency removes the need to loose money in exchange process.
As CEO of TravelbyBit stated blockchain payments remove much of the friction of multiple exchange rates.
“Imagine traveling with multiple stopovers and only needing a single currency,” he says.
“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.”
The state government of Queensland supported TravelbyBit with an $100,000 Advance Queensland Ignite Ideas grant to grow the business.
“It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem,” says Queensland Minister for Innovation and Tourism Kate Jones.
Source: https://www.businessinsider.com.au/ Source: https://cointelegraph.com/
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