Oct 6, 2018 18:31 UTC
Oct 7, 2018 at 08:06 UTC
Travel Startup TravelbyBit To Get Investment From Binance.
Binance has recently announced that it has invested USD 2.5 million in TravelbyBit, a Brisbane, Australia based company which accepts crypto as payment for travel and tourism bookings from its clients. This collaboration comes with the hope that TravelbyBit terminals which already support payments in Bitcoin, Etherium and Litecoin will also be able to begin promoting “Binance Coin”, Binance’s propriety coin.
A crypto payment system will be extremely convenient for international travellers with frequent layovers as at most airports, Fiat can only be exchanged at off-market rates and the bank needs prior information about said layover. International travel also entails multiple rounds of currency conversion which is quite expensive with extra charges levied for credit and debit card transactions. Crypto payment, on the other hand, would ensure a smoother, hassle-free process.
Binance’s partnership with TravelbyBit has been consolidated on an intent to build a global point-of-sale payment system that makes sure that all airports across the world use blockchain technology. TravelbyBit has already built a point-of-sale (POS) terminal at Brisbane Airport for anywho who wishes to use crypto as payment.
Binance CEO Changpeng Zhao in a press release stated:
“Real, on-the-ground, just-when-you-need-it use case is key for further crypto adoption. In this light, there is no better fit than being able to use your crypto when travelling just after you land in a foreign country, where you may not have the local currency.”
Promoting the use of cryptocurrency amongst the masses if important in this case, and Binance’s substantial financial support and significant user base of approximately 10 million trading accounts will help TravelbyBits in expanding their terminals for mass adoption and replicate what they have done to Brisbane Airport.