Crypto exchange giant Binance recently announced it is investing over USD$2.5 million (AUD$3.5 million) in TravelbyBit, the Australian startup responsible for facilitating the world’s first digital currency-friendly airport in Brisbane. The cryptocurrency capital will work with TravelbyBit to present a worldwide point-of-sale (POS) payment system, joining blockchain technology into main airports about the world.
To further development of the latter’s network of cryptocurrency payment terminals subsequent a successful application in Brisbane earlier this year. Both the companies will together cooperate in introducing a point-of-sale (POS) system which has been established by TravelbyBit to “main airports around the world. The objective is to drive cryptocurrency acceptance among travelers who usually see friction in currency conversion and other markup fees.
According to Changpeng Zhao, CEO of Binance crypto exchange, TravelbyBit shares its vision and values, and the company is excited to work together to bring a blockchain-enabled economy. In 2018, Binance became the wildest company ever to hit a valuation of USD$1 billion. Over the course of this year, the company is expecting a USD$1 billion in revenue, as well as add to their already imposing base of 10 million users. These users will soon be able to spend their crypto in participating airports around the world, as mentioned in Business Wire.
Binance has close to 10 million users with few places at which to spend their digital currency. TravelbyBit has been transporting onboard normal businesses to accept the digital currency. Both the companies will look to push the adoption of blockchain technology globally.
Besides airports, TravelbyBit has also increased the profile of Australian beach town Agnes Water, which calls itself ‘Australia’s first digital currency town’. More than three dozen local businesses like tour operators, restaurants and accommodation providers in the town of 2,000 residents are accepting cryptocurrencies for payment through TravelbyBit’s POS system. As per CCN, these creativities have seen the Aussie crypto startup earn acknowledgment and investment from the Queensland government, getting allocated funds from an AUD$8.3 million grant. Crypto exchange Binance’s own custom ERC20 token will also be supported by retail merchants with the help of TravelbyBit’s machines.
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