Australian city Bundaberg funds Bitcoin travel startup: Now sip your rum sans exchange woes 20096
Vidwan Reddy
Aug 2, 2018 at 4:16 AM

Australian city Bundaberg's new initiative will make overseas tourists' life easier: ask how -- the local city government is funding a cryptocurrency-based travel startup that aims to increase the crypto merchant adoption in the travel industry.

TravelbyBit's efforts eventually dissolve the hassles of currency exchange when visiting Down Under. This program would also attract globetrotters dealing in cryptocurrencies.

See also: Bitcoin Cash [BCH] turns 1, but prices miss the party

TravelByBit won the 100,000 AUD grant as part of Ignite Ideas. Ignite Ideas Fund "supports startups and small to medium Queensland businesses to commercialize market ready innovative ideas".

Queensland's Minister for Innovation Kate Jones said tourism plays a crucial role in the state's economy and TravelbyBit can help local businesses thrive by attracting crypto enthusiasts from across the world. The grant fund would help the startup ramp up staff and increase merchants, she said.

See also: Morgan Stanley steps up crypto game, hires ex-Credit Suisse Bitcoin expert

About 150 merchants in Australia have agreed to work with TravelByBit, according to The city's famous dark rum producer Bundaberg Rum is one of the many businesses that would get crypto-friendly soon. Bundaberg distillery attracts scores of tourists every year.

“We have partnered with Brisbane Airport Corporation to launch the world’s first digital currency friendly airport and have integrated our cutting-edge blockchain powered point-of-sale system across the regional tourism towns of 1770 and Agnes Water,” said TravelbyBit co-founder and CEO Caleb Yeoh.

“With this next phase of technology, we are targeting a different brand of tourist – the tech-savvy traveler from anywhere in the world who are looking to book their travel experiences ahead of their trip and use digital currency to pay for their travels,” he added.

TravelbyBit currently accepts Bitcoin, Litecoin, Dash, Ethereum, and XEM.

Image via Shutterstock

Join our Telegram group