Binance, the largest crypto exchange in the world has taken steps to expand further with its recent collaboration. The exchange has invested in a Blockchain payments provider, TravelbyBit, based in Queensland, Australia. It invested a sum of $2.5 million.
Point of sale system for airports
The companies are collaborating to create a POS system that accepts crypto at major airports globally.
The platform was built to push cryptos closer to mass adoption by encouraging travelers to buy goods with Ethereum and three other digital currencies.
The CEO of Binance, Changpeng Zhai believes that cryptocurrencies can offer significant benefits for all travelers.
“Let’s start with the airports and go from there… Real, on the ground, the just-when-you-need-it use case is the key to further crypto adoption. In this light, there is no better than being able to use your crypto when traveling, just after you land in a foreign country, where you may not have the local currency.”
Binance announced this partnership on Twitter stating that users can now pay for hotels, air tickets, Disneyland tickets on $bnb. This was made possible by the partnership between TravelbyBit and Binance.
TravelbyBit already has a merchant network known as ‘trade route’ in Australia. Travelers have the option of paying in digital currency and merchants can also opt for fiat or crypto payments.
The CEO of TravelbyBit spoke about some advantages of the arrangement. He says that it reduces the need to have more than one currency especially if there will be several stopovers along the way. He says that the company is working with the major airports as well as retailers who plan to offer consumers a non-traditional payment option with cutting edge technology.
TravelbyBit also received a $100,000 grant from the Queensland state government for its participation on the Advance Queensland Ignite Ideas.