Binance invests $2.5 mn in Australian start-up to boost crypto adoption in airports 24450
News
Pinaz Kazi
Oct 3, 2018 at 6:23 PM

Binance, which is among the world's largest crypto exchanges, has invested over $2.5 million in TravelbyBit, an Australian blockchain payments provider for the travel industry. The exchange will work with TravelbyBit to introduce a global point-of-sale (POS) payment system, which will integrate blockchain into airports around the world, Binance said in a statement.

TravelbyBit allows merchants to accept payments in cryptocurrencies such as Bitcoin and also provides booking services for travelers.

"...there is no better fit than being able to use your crypto when travelling, just after you land in a foreign country, where you may not have the local currency. Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there," Binance CEO Changpeng Zhao said in a statement.

The exchange has cemented its position as a leading crypto trading platform and expects to earn as much as $1 billion in revenue this year, as it continues to expand its user base.

TravelbyBit, which is a multi-currency payment platform, currently supports payments in Bitcoin [BTC], Ethereum [ETH], and Litecoin [LTC]. Soon, the platform will also support Binance Coin [BNB] payments at TravelbyBit merchants.

“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,” said TravelbyBit CEO Caleb Yeoh.

The startup, which is based in Queensland, has been making waves in the country as it works to spread crypto adoption. Owing to its success, the company received a grant worth AUD$100,000 from the government of Queensland.

See also:

Binance invests millions of dollars on decentralized global content ecosystem Contentos

Binance CEO: Not keen on launching social media platform

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