The much-awaited app for TravelbyBit is live now. Based in Queensland, Australia, TravelbyBit is a global blockchain payments provider for the travel and tourism industry, enabling merchants to accept payments in digital currencies like Bitcoin and providing booking services for digital currency travelers.
Notably, last year, Binance had invested over USD$2.5 million in the startup. Binance worked with TravelbyBit to introduce a global point-of-sale (POS) payment system, incorporating blockchain technology into major airports around the world. The company’s CEO Caleb Yeoh said:
“As an avid kitesurfer, I’ve traveled to destinations all around the globe, hunting for the best wind and kiting conditions. I spent a lot of transit time at airports and the exchange rate robbery that happens in these locations is shocking. The fees and inconvenience in dealing with multiple currencies when in transit is a nightmare. Imagine if you can travel all around the world with one truly global currency with no fees. That’s what TravelbyBit and Binance are working towards — digital currency for global payments.”
Caleb formed the company and focused on airport retail for specific reasons. One reason is that he was always hanging out in the transit area at airports. He compares the exchange rate at airports as daylight robbery. The fees charged and the inconveniences of multiple currencies can be a nightmare.
TravelbyBit is doing their best to partner with crypto businesses. BlockShow, a major international blockchain event, has made TravelbyBit an Official Travel Partner for their November conference, giving cryptocurrency enthusiasts the freedom to pay for the whole trip in crypto.
As per data available online, TravelbyBit has already processed more than $500,000 worth of crypto transactions in airline bookings.