Binance, the largest cryptocurrency exchange in the world, has confirmed that it will be investing $2.5m into Australian startup TravelbyBit.
This move is exciting for those interested in bringing digital currency platforms into the mainstream because TravelbyBit will be helping Brisbane develop the first airport to accept digital currency in the world.
Australia is continuing its foray into digital currencies and blockchain after the World Bank and IBM chose the country to lead projects that will enable further blockchain growth around the world. It has already tested shipments on millions of almonds through its entire supply chain.
There is much expectation that blockchain technology will be able to loosen up complex supply chains around the world and help increase transparency, efficiency and cost savings.
Binance’s investment will enable TravelbyBit to deliver key aspects of digital currency payment at Brisbane Airport, including global point of sale (PoS) technology, which can expand worldwide when monitored through the blockchain network.
These technological advances will hopefully spread through more airports around the world and begin a new round of global trading patterns.
Binance CEO Changpeng Zhao said that allowing people to make digital currency payments “on the ground, just when you need it” would be “key for further crypto adoption.”
Zhao added that people can take their digital currency wallets when traveling, which will come in handy for those who land in a foreign country and have none of the local currency available. Crypto will let transactions take place with fewer barriers.
Saying that it was important for Binance to find a starting point and not spread itself too thinly, Zhao noted that the company would “start with airports and go from there.” He added that Binance is excited to be working with TravelbyBit to “bring a blockchain-enabled economy.”
Binance has seen a huge rise in 2018, hitting their $1bn valuation in record time, and it is on track to raise the same amount of revenue before the year is out. With a worldwide user base of over 10 million, it plans to increase its global base with airport spending potential.
Although Brisbane has the first airport to benefit from Binance’s digital currency plans, there is already a wider network planned. Once ready, it will allow any Binance user to spend digital currency at any airport shop or merchant.
Now that TravelbyBit has received funding from Binance, it will be adding its investor’s coin to its digital currency wallet alongside the popular Bitcoin, Ethereum and Litecoin.
TravelbyBit CEO Caleb Yeoh said that blockchain technology is a great solution to help “make global commerce extremely efficient by removing much of the friction of multiple exchange rates.” He added that it made sense to target airports first, given that its users could travel through countries with multiple stopovers and find themselves “only needing a single currency.”
Yeoh also noted that Brisbane is one of “the most innovative airports” and said that the company will work with airports and retailers that want to “offer their consumers non-traditional payment options and a chance to experience cutting-edge technology.”
The Queensland state has hailed this news, with more jobs set to arrive as a result.