When making a list of Cryptocurrency success stories, Binance can never be left out of the list. Binance rose from just a minor cryptocurrency exchange to one of the largest in the world in a short period. The exchange has recently made an announcement that it will be investing at least USD$2.5 million in TravelbyBit, an Australian start-up integrating blockchain payments into the travel and tourism industry.
Binance and TravelbyBit Partnership
From this investment, TravelbyBit will be able to commence and bring to completion its goal of making the Brisbane airport friendly to cryptocurrency users.
Once the project is done airport users will be able to transact within the airport using cryptocurrencies. The top choice will be of course Binance Coin (BNB) followed by other popular ones.
In relation to this investment, Binance CEO Changpeng Zhao, stated that:
“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.”
He further added:
“Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there.
Long-term, TravelbyBit shares our vision and values, and we are excited to work together with them to bring a blockchain-enabled economy.
Brisbane Receives Blockchain Facelift
The partnership between the two blockchains based organization will lead to the introduction of a global point-of-sale (POS) payment system into major airports all over the world. Brisbane is reported to be the first stop on this project.
Upon completion, Airport users will be able to make use of a cryptocurrency mobile wallet for POS payments that are secured as well fast.
currently, TravelbyBit does not support payment using BNB on its multicurrency payments platform. This is expected to change anytime soon.
TravelbtBit has also made its own statements, through its CEO Caleb Yeoh. He stated that:
“Blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates.”
He continued by saying that:
“Imagine travelling with multiple stopovers and only needing a single currency. We’re working with the most innovative airports and retailers who want to offer their consumers non-traditional payment options and a chance to experience cutting-edge technology.”
There have been several new projects targeted at bringing the use of cryptocurrency to the mainstream audience in recent time. The execution of this project will do well to enhance this particular cause.