The world’s biggest cryptocurrency exchange, Binance, has partnered with Queensland, Australia-based TravelbyBit to facilitate cryptocurrency payments at airports around the world. Binance has reportedly invested $2.5 million into the crypto payments startup to accelerate the adoption of cryptocurrencies by the mainstream.
Binance CEO Changpeng “CZ” Zhao announced that Binance, in partnership TravelbyBit, intends to do their part to bolster the adoption of cryptocurrencies. The goal of the initiative is to establish point-of-sale (PoS) systems that accept digital currencies at airports around the world.
— CZ Binance (@cz_binance) October 3, 2018
Now travelers can pay for airline tickets as well as goods and services throughout airport shops using cryptocurrencies. For now, the PoS technology will support bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin (BNB). Zhao pointed out that the airport is perfect for promoting the adoption of cryptos:
“Let’s start with airports and go from there. Look for TravelByBit and put your coins (hopefully the Binance Coin or BNB) to use.”
Australia and Crypto
TravelbyBit boasts a strong presence in Australia, where its PoS devices already enable payments with cryptocurrencies. Participating merchants can choose whether they want to keep the payments received crypto or convert the sales into the local currency.
TravelbyBit CEO Caleb Yeoh stated:
“Imagine traveling with multiple stopovers and only needing a single currency. 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 Queensland Government recognizes great potential in TravelbyBit and its impact on tourism, and the company has received a $100,000 grant to further develop the technology and expand its services. The region has clearly proven itself to be crypto-friendly and innovative in comparison to other jurisdictions.