Hong Kong-based crypto exchange Binance has announced a $2.5 million investment in Aussie startup TravelbyBit.
Binance will help TravelbyBit to introduce a Point of Sale payment system by incorporating blockchain technology into significant airports around the globe.
“It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem,” says Binance CEO Changpeng Zhao. “A 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.”
First to hit a $1 billion valuation
Binance claims to have become the fastest firm to hit a $1 billion valuation. It expects to net up to $1 billion in revenue this year and expand its list of 10 million users.
TravelbyBit offers a multi-currency payment platform. While it currently supports payments in Bitcoin, Ethereum and Litecoin, airport visitors will soon have the option to also use Binance Coin (BNB) as payment at TravelbyBit merchants.
“Blockchain payments can make global commerce extremely efficient by removing much of the friction of multiple exchange rates,” Caleb Yeoh, CEO of TravelbyBit, states. “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.”