Binance invests $2.5 million in an Australian based tourism cryptocurrency startup

Binance, the largest cryptocurrency exchange by trade volume has invested in an Australian cryptocurrency startup, TravelbyBit. According to a report published by Business Insider, the exchange has invested $2.5 million in the startup.

TravelbyBit’s posted on Twitter:

“Together TravelbyBit and Binance will take crypto adoption to the next level~! “Growth is never by mere chance, it is the result of forces working together. Thank you for the support @danielalexiuc @SatoshiLite @weizhouBinance @cz_binance .”

TravelbyBit is a Queensland-based startup that focuses mainly on the Travel and Tourism industry and acts as a mediator between merchants and customers. Travelers can book services using TravelbyBit’s cryptocurrency payment options.

Through this strategic partnership, Binance and TravelbyBit plan on creating a blockchain powered Point-of-Sale [POS] payment system across all major airports around the world.

CEO of Binance Exchange, Changpeng Zhao stated that there is no better use of cryptocurrencies than travelers using it right after landing in a foreign nation.

He further stated:

“Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there.”

At present, TravelbyBit offers major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] as an option for payment. In the coming days, the company will integrate Binance Coin [BNB] as an option for payment.

In a statement, after the announcement of the partnership between TravlebyBit and Binance, Queensland Minister for Innovation and Tourism, Kate Jones said:

“It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem.”

Sean G, a cryptocurrency enthusiast said:

“It’s going next level right now. Next stop basement.”

Bitcoin People, another Twitterati said:

“Congratulations TravelbyBit, the work you do is truly inspirational!”

Earlier this year, the company bagged a partnership with the Brisbane International Airport, the first cryptocurrency friendly airport to allow travelers to pay through digital currencies in the airport’s stores, kiosks, bars, and restaurants.

Recently, the state government of Queensland announced the grant of over $5.9 million to 70 domestic companies, out of which TravelbyBit was one among them. The government reasoned this to be a beneficial one to the Travel and Tourism industry of Australia.

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