Crypto exchange Binance is initiating a major effort to roll out crypto transactions around the world at airports. Through its $2.5 million investment in TravelbyBit, a blockchain-based, crypto payment platform for everyday tourists who shop and spend at airports, the world’s largest cryptocurrency exchange by volume is growing the startup’s network.
TravelbyBit plans to expand across the globe within the next 12 months and will leverage Binance’s user base.
“We are in talks with the most innovative retailers, airline lounges and airports around the world to roll out our blockchain payment system. Binance has over 10 million users now. We can channel those users to the retailers we work with at the airports.”
TravelbyBit just powered its first transaction using Binance Coin (BNB) at a bar in Australia.
According to TravelbyBit CEO Caleb Yeoh,
“Working with mainstream businesses is extremely hard. The deal with the airport took over six months of discussions and planning. The truth is we are only at the beginning of this movement and many large organizations are very risk-averse and prefer to take a wait-and-see approach. Only the most innovative ones take a bold step forward and lead the way. I must say Brisbane Airport Corporation and the Cater Care group at the airport are truly innovators in this space. There are folks in those organizations who are brave enough to try something new.”
In an interview with Binance, Yeoh highlights several advantages of crypto payments.
“Minimal setup fees, no ongoing merchant fees to the user or to the merchant. We don’t intend to charge any fees to the merchant or to the consumer. Also, you will be surprised how many people genuinely support us because of the philosophy behind crypto, which is centered around freedom and liberty.”