Queensland blockchain startup TravelbyBit just won a $3.5 million investment from global cryptocurrency exchange Binance

William West/AFP/Getty Images
  • Binance, a cryptocurrency exchange, invested $US2.5 million in Queensland startup TravelbyBit.
  • The two plan a point-of-sale payment system for major airports around the world.
  • Merchants will then be able to accept payment in digital currencies.

Global cryptocurrency exchange Binance just invested $US2.5 million ($A3.48 million) in TravelbyBit, an Australian blockchain payments provider for the travel industry.

The two will work together to introduce a point-of-sale (POS) payment system, incorporating blockchain technology, into major airports around the world.

Queensland-based TravelbyBit enablises merchants to accept payments in digital currencies such as Bitcoin and provides booking services for digital currency travelers.

Changpeng Zhao, CEO of Binance, says there is no better fit than being able to use crypto when traveling, just after landing in a foreign country.

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

In 2018, Binance became the fastest company to hit a valuation of $US1 billion. This year the company expects to net as much as $US1 billion in revenue as well as add to its 10 million users.

TravelbyBit offers a multi-currency payment platform. While it currently supports payments in Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), airport visitors will soon have the option to also use Binance Coin (BNB) as payment at TravelbyBit merchants.

Caleb Yeoh, CEO of TravelbyBit, says 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.

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