Bundaberg, a coastal city in the Queensland region in Australia, has established a digital currency platform whose objective is to mainstream the use of cryptocurrencies in the local travel industry. The newly developed solution aims to ease the processing of payments, especially for foreign tourists. As of now, these tourists are subject to lengthy and tedious processes in forex bureaus, a problem that the solution, known as TravelByBit, aims to solve. Moreover, this project is also likely to attract crypto enthusiasts.
We're working to change the public's perception of Bitcoin by becoming the bridge between the crypto community and mainstream businesses.
— TravelbyBit (@TravelbyBit) July 10, 2018
TravelByBit already has some capital to start with, having won an AUD 100,000 reward from Ignite Ideas. The Ignite Ideas Fund is a venture capital firm that supports small and medium-sized startups in the Queensland region to actualize their goals and objectives according to the local minister for innovation, Kate Jones, TravelByBit will contribute massively to the development of the Queensland tourism industry by attracting tourist from all over the globe. Kate further added that the funding will help the company to hire additional employees and extra merchants.
Reportedly, the service already has an agreement with over 150 merchants, including the manufacturer of the famous local beverage, the Bundaberg Rum. Besides, TravelByBit is partnering with the Brisbane airport Corporation to create the world’s pioneering crypto-friendly airport.
As per Caleb Yeoh, the CEO of TravelByBit, the platform will install their blockchain-powered point-of-sale systems in leading tourist destinations in the Queensland state. Additionally, Caleb said that this project is aimed at tech-savvy tourists who prefer the convenience of digital currencies to traditional fiat money. The eligible virtual currencies are BTC, LTC, Dash, ETH, and XEM.