The world’s largest cryptocurrency exchange by volume keeps on expanding. Binance has invested $2.5 million in TravelbyBit, a blockchain payments provider based in Queensland, Australia.
The two companies are creating a point-of-sale (POS) system that accepts cryptocurrency at major airports around the world.
The platform is designed to push cryptocurrencies closer to mass adoption by giving travelers the ability to purchase goods with four different cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin (BNB).
Binance CEO Changpeng Zhao believes crypto can deliver significant benefits for travelers.
“Let’s start with the airports and go from there… Real, on the ground, just-when-you-need-it use case is the key to further crypto adoption. In this light, there is no better than being able to use your crypto when traveling, just after you land in a foreign country, where you may not have the local currency.”
TravelbyBit has already developed a merchant network (“trade route”) across Australia. Although travelers pay in digital currency, merchants can choose to receive payments in crypto, fiat or some combination of both.
CEO Caleb Yeoh points out the advantages of the system.
“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 handed TravelbyBit $100,000 as part of the Advance Queensland Ignite Ideas grant. Kate Jones, the Queensland Minister for Innovation and Tourism, says,
“Tourism is one of Queensland’s most important industries. TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.”