The world’s largest cryptocurrency exchange, Binance has ventured into investing a whopping AUD 3.48 million (equal to about US $2.5 million) into an Australian cryptocurrency payments startup called TravelbyBit.
The sole reason for the joint partnership is an introduction to a point-of-sale (POS) system which has already been developed by TravelbyBit. The objective is to gain cryptocurrency adoption among people who travel from one country to another; hence these POS systems will be added in airports.
Changpeng Zhao, Binance’s Chief Executive, commented on the POS system:
“Let’s start with airports and go from there…Real, on-the-ground, just-when-you-need-it use case is the key to 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.”
Caleb Yeoh, TravelbyBit CEO spoke about blockchain:
“Blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates.
TravelbyBit offers significant cryptocurrency in their multi-currency payment platform to be used as payment at TravelbyBit merchants. These include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and now Binance’s very own ERC20 token which is BNB.
Binance was the fastest company ever to hit US $1 billion in 2018, and the way it’s booming it will reach an outstanding US $1 billion in revenue by the end of the year. It also boasts of 10 million users, which will further increase thanks to its new investment in the POS system of Travelbybit which encourages travelers to use cryptos.
Along with Binance, TravelbyBit’s expansion as an essential cryptocurrency startup will prove to be successful hence leading to the scaling of operations and creating more jobs in Australia.
Crypto lovers who use Binance will be encouraged to travel to Australia as they have the option of paying in cryptocurrencies thanks to the new partnership.
Binance and TravelbyBit seem to be the perfect partnership in pushing the adoption of Blockchain and Cryptocurrency to the world.
Image Source: CoinSpeaker
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