Binance invests $2.5m in TravelbyBit-Binance, the largest cryptocurrency exchange by trade volume has invested in an Australian cryptocurrency startup, TravelbyBit. The exchange has invested $2.5 million in the startup. Binance became the fastest company ever to hit a valuation of USD$1 billion and 10 million users around the world.
Where to start?
When asked about the expansion and investment opportunities. “Let’s start with airports and go from there,” said Binance CEO Changpeng “CZ” Zhao. It’s one of the way to promote the functionality and use of Binance coin. This made Binance to invest $2.5 million to the startup. This Australian startup travilbyBit aims at providing the world’s first digital currency-friendly airport in Brisbane. Furthermore, Binance will work with TravibyBit to introduce a global point of sale(POS) payment systems, using blockchain technology into major airports.
TravelbyBit’s post on Twitter:
“Together TravelbyBit and Binance will take crypto adoption to the next level! Growth is never by mere chance, it is the result of forces working together. Thank you for the support @danielalexiuc@SatoshiLite @weizhouBinance @cz_binance”
Only in selected airports including Brisbane, the capital of Queensland, cryptocurrency users can able to utilize major digital assets like Bitcoin (BTC) and Ethereum (ETH) to pay airport merchants. Passengers can also use various cryptocurrencies to purchase products and services at airports.
Caleb Yeoh, the CEO of TravelbyBit stated:
“Blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates. Imagine traveling with multiple stopovers and only needing a single currency. We’re working with the most innovative airports and retailers. Who can offer their consumers non-traditional payment options and a chance to experience cutting-edge technology.”
What made Binance to invest?
Binance invests $2.5m in TravelbyBit-In order to reach globally, Binance and travelbyBit came together to push the adoption of blockchain technology around the world. Prior to the investment of Binance, TravelbyBit got support and received an AUD $100,000 from the Palaszczuk Government–the state government of Queensland–as a part of the Advance Queensland Ignite Ideas program. With the support of the Australian government, TravelbyBit had already developed and deployed crypto PoS systems throughout the country. As a result which made Binance invest $2.5 million in TravelbyBit as a business opportunity. Which helps it to expand its businesses in Australian territories.
Binance Chief Financial Officer Wei Zhou told:
“We have been extremely impressed by the ecosystem Caleb and the TBB team have built in Queensland to drive the tourism industry through cryptocurrency, and we look forward to helping them to expand this ecosystem around the world.”
When TravilbyBit is done with all the infrastructure set up in Australia, Binance will start integrating Binance Coin (BNB). The native cryptocurrency of the Binance platform, into its PoS system to enable users to pay airport merchants with BNB.
Kate Jones, the Minister for Innovation and Tourism of Queensland, expressed her opinion towards the partnership “It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem.”
Due to the exponential growth and demand for cryptocurrencies have increased rapidly in the past year. Merchant adoption has not improved proportionally to the exponential growth rate of the cryptocurrency exchange market and the blockchain sector. The efforts of TravelbyBit eliminates the gap. This is to enable merchants to accept and integrate cryptocurrencies.