Binance Provides $2.5 Million USD to Australia’s Travelbybit Crypto Payment Firm

Binance Invests $2.5 Million USD In Australian Crypto Payment Company To Push Adoption

The largest crypto exchange in the world, Binance, has recently announced that it has teamed up with TravelbyBit, an Australian company. This partnership will see Binance invest more than $2.5 million USD in the startup and they will create point of sale (POS) systems to allow the blockchain to be used in major airports across the world.

The idea is that certain airports around the world would see the the POS payment systems of the company. At the moment, they support Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) but, with this partnership, Binance Coin (BNB) is to be supported in the future, too.

Binance believes that this can be an ideal partnership as the company hs close to 10 million users and the customers will soon have other options, so they can push for global adoption of cryptos by working together.

Changpeng “CZ” Zhao, the CEO of Binance, has affirmed that this partnership is important and that there is no better fit than being able to use your cryptos when you travel around the world and you may not be able to use your local fiat currency. The idea is to start from airports and follow from there.

A Boost For Queensland

Brisbane is located in the state government of Queensland and it has awarded TravelbyBit with a $100,000 AUD prize to give the company a boost for creating more jobs within Queensland. As tourism is one of the most important industries in the region, the government believe that the company might end up helping a lot in the economy.

Earlier this year, the Brisbane airport has become the first major one in the world to accept cryptos in retail stored in both its terminals.

The CEO of the company, Caleb Yeoh, has affirmed that the blockchain technology and payments can make global commerce considerably more efficient than it actually is and that it will remove of the most friction between multiple exchange rates, which is bad for travelers.

According to him, you should imagine traveling and only needing a single currency, this is what the company intends to provide. This way, people will have more easiness when traveling abroad and enabling them with many advantages.