Binance announced it has invested $2.5 million USD in Brisbane, Australia based company TravelbyBit. TravelbyBit services the travel and tourism industry, allowing travelers to book their journeys using crypto as payment. TravelbyBit has also built a point-of-sale (POS) terminal for merchants who wish to accept crypto as payment.
Binance intends for the cash infusion to help TravelbyBit expand its crypto POS system in airports worldwide. TravelbyBit has already successfully installed one of their POS terminals at Brisbane Airport.
In September, Bitcoinist reported that cryptocurrency use in Australia has recently doubled.
The Brisbane Airport is Australia’s third largest by volume. TravelbyBit is also working to install terminals in retail shops throughout Australia.
Together travelbybit and @binance will take crypto adoption to the next level~!
— TravelbyBit (@TravelbyBit) October 3, 2018
The TravelbyBit terminals currently support payments in Bitcoin (BTC) [coin_price], Ethereum and Litecoin. Following the Binance investment, TravelbyBit intends for the platforms to begin supporting Binance’s creatively-named propriety coin, “Binance Coin,” for payments to merchants as well creatively.
Use Crypto To Remove Travel Pain
In a press release announcing Binance’s investment, Binance CEO Changpeng Zhao stated:
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.
A global crypto payment network is seen as a particularly attractive option for international travelers. International travel with multiple stops or layovers frequently involves multiple rounds of expensive currency conversion, with extra bank fees on top for credit and debit card transactions.
At most airports, fiat can only be exchanged at off-market rates with large spreads. Trying to make a small purchase during an international layover while traveling frequently involves informing your bank ahead of time about your intended layover. Crypto payment processing promises to smooth this expensive and sometimes irritating process.
Binance Invests in Innovation
In addition to Binance’s $2.5 million capital infusion, TravelbyBit announced an AUD $100,000 grant from the Advance Queensland Ignite Ideas program. Advance Queensland Ignite Ideas was established by the Queensland Government in an attempt to help grow innovative companies in Queensland.
Encouraging the mass adoption of cryptocurrency is critical for all market participants. Binance’s large user base, with close to ten million trading accounts and tremendous financial firepower, make it uniquely positioned to help lead the charge for greater adoption. Binance recently launched Binance Labs to find and scale real-world applications for crypto use with the aim of propelling greater mass adoption.
As the crypto community continues to grow, it will be exciting to see the impact TravelbyBit’s terminals end up having on mass adoption.
What do you think of Binance’s investment in TravelbyBit? Will you use crypto for your travel payments? Let us know in the comments below.
Images courtesy of Shutterstock, Twitter/@TravelbyBit.