Binance Invests $2.5 Million In Start-up To Boost Crypto Payments At Airports
The world’s leading crypto exchange Binance invested over $2.5 million in an Australian crypto startup with the aim of helping users pay for flights and use airport amenities using cryptocurrency.
The Changpeng Zhao led the platform and invested the money in a company called TravelbyBit, a blockchain payments processor and service provider based in Australia.
As part of the deal announced at the beginning of October, Binance will work with the startup to introduce a new point-of-sale (POS) system for global payments. The system was said to be at targeted airports and would integrate blockchain technology to allow travelers to pay with crypto.
The Binance team tweeted that the POS system would enable and drive adoption of both blockchain economies and crypto payments across international airports, which have seen increased demand for cryptocurrency payment options.
TravelbyBit, on its part, is a firm whose technology allows merchants and other users to accept crypto payments in digital assets like Bitcoin and Litecoin.
It also offers booking services which could see the number of those using its services and paying in crypto will increase tremendously once the platform launches.
Changpeng Zhao, the CEO of Binance said that crypto was the best fit for paying for air travel and other services, especially when visitors land in foreign countries and “[do] not have the local currency.” He then advised the crypto community to adopt this service, saying “…Look for TravelbyBit and put your coins to use.” He said the initiative was to start crypto adoption at the airports before moving on to other sectors (which is already happening with crypto being used to access virtually anything under the sun).
Binance has continued to expand its services and is one of the vanguard companies for crypto adoption, not only for traders but also for merchants who wish to sell goods or offer services for crypto.
As a multi-currency payment provider, TravelbyBit already supports three of the leading cryptocurrencies in the world which are Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC]. The partnership with Binance also saw the platform adds support for the exchange’s native token the Binance Coin (BNB).
The Chief Executive Officer at TravelbyBit Caleb Yeoh noted that the firm has continued to work with several airports and retail businesses, all of whom have expressed interest in allowing clients to use non-traditional payment methods like digital currencies.
The Queensland-based startup is also at the center of a major crypto payments wave that has swept the town of Agnes Water and 1770. Residents in the town have embraced cryptocurrencies with most businesses and now taking payments made in bitcoin.