On Wednesday, cryptocurrency exchange Binance disclosed its intention to invest over $2.5M USD in Australian startup, TravelbyBit. Basically, TravelbyBit is an Australian startup that facilitates the first virtual currency-friendly airport in Australia’s city of Brisbane. Indeed, this means that the two firms will collaborate to install point-of-sale (PoS) terminals, leveraging blockchain technology at airports. Looking at its successes thus far, in 2018, Binance became the first digital currency exchange to hit $1B USD in value. Already, the exchange is on the verge of raking in another $1B USD in revenue.
What Does This Partnership Mean for Travelers?
Without a doubt, this strategic partnership will empower air travelers to pay in digital currency at all selected airports, including the Brisbane airport. There will be merchants strategically located at these airports that enable easy, fast, and secure PoS payments. So in this case, TravelbyBit will be playing an essential role in this arrangement as a robust multi-currency payment platform. Also, TravelbyBit currently accepts Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH), but this deal means that TravelbyBit will also include Binance Coin (BNB) to its list of virtual currencies.
Importance of the TravelbyBit Partnership
Today, cryptocurrency adoption has been a major challenge in the virtual currency world. However, Binance has nearly 10 million users who face challenges in spending their cryptocurrencies as many merchants don’t accept them yet. On the other hand, TravelbyBit has been relentlessly working to push digital currency into the mainstream. Together, the two firms have been working hard to see to it that mainstream merchants accept virtual currencies. Also, Binance will encourage its 10 million users who wish to travel to Australia to pay in digital currency. In addition, the travel agency will use the $2.5M USD (or $3.5M AUD) to enhance its operations, thus employing more workers in Queensland.
Official Remarks
The CEO of Binance, Changpeng Zhao, gave more insight. Zhao noted that there is no greater feat that they have achieved than empowering air travelers to use their cryptocurrencies. The CEO stressed his point, saying that passengers land in foreign countries where they may not have the local currencies. In addition, the Chinese-Canadian business executive encouraged air travelers to locate TravelbyBit and pay with their virtual currencies there. The billionaire CEO said he was excited that TravelbyBit shares their vision of building a blockchain-based economy.
Responding, the CEO of TravelbyBit, Caleb Yeoh, said that cryptocurrency makes global commerce more efficient by eliminating exchange rates. Yeoh gave an instance where someone has to travel to many different places and conveniently pay with the same currency. The chief executive disclosed that TravelbyBit is working with many airports and retailers to offer customers a “non-traditional payment option.”
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