TravelbyBit nets $2.5m investment from Binance

Cryptocurrency payments app TravelbyBit has received a $2.5m investment from cryptocurrency exchange platform Binance.

The two companies will work together to introduce a global point-of-sale payment system which will support airports around the world. In certain international airports, travellers will be able to visit merchants and pay through a digital currency wallet.

Binance’s funding will help the company scale its operations and create more jobs in Queensland.

Alongside this investment, the Palaszczuk Government (state government of Queensland) has given TravelbyBit a AUD $100,000 ($71,000) Advance Queensland Ignite Ideas grant. This funding will support the company better position itself in the global market and create more jobs in Queensland.

TravelbyBit is a global digital currency payments provider for the travel and tourism industry. Through its solution, tourists can book flights, cruises and tours with cryptocurrencies.

The multi-currency payment platform enables transactions with Bitcoin, Ethereum, and Litecoin, and soon users will be able to use Binance Coin.

TravelbyBit CEO Caleb Yeoh said, “Blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates.

“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.”

Earlier in the year, Binance launched a $1bn social impact fund which will support companies fostering the growth of cryptocurrency and blockchain companies.

Binance is cryptocurrency exchange supports the trade of a selection of different digital tokens including Bitcoin, Ethereum and Litecoin. The company is expecting to reach $1bn in revenue for 2018, according to the company.

Copyright © 2018 FinTech Global

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