Binance, the world’s largest cryptocurrency exchange by daily volume, has made a strategic investment in TravelByBit, an Australian blockchain payments provider that aims to make it easier for individuals to pay in cryptocurrency. Binance has injected $3.4 million AUD ($2.5 million USD) into the company, to help expand its terminals, which have already been successfully implemented in the Brisbane Airport earlier this year.
Binance, a very high-profile investor given its global perception as the number one cryptocurrency exchange and its fame for being the fastest profitable startup to reach a $1 billion valuation in history, will no doubt see the investment as an opportunity to foster mass cryptocurrency adoption.
TravelByBit currently supports bitcoin (BTC), litecoin (LTC), and ethereum (ETH), although, through this investment it is understood that they will soon support the Binance (BNB) coin.
Binance CEO Changpeng Zhao elaborated, explaining that cryptocurrency adoption will accelerate when individuals utilize cryptocurrency for “real, on the ground, just-when-you-need-it” situations. He then explained that travelling was a perfect example of such a real use, adding “Let’s start with airports and go from there.”
TravelbyBit made headlines earlier this year by helping Brisbane Airport become the world’s first crypto-friendly airport , as all of the merchants there accept various cryptocurrencies as a form of payment. The two companies will work to bring TravelbyBit’s point-of-sale system to airports around the globe.
A sizeable coup for TravelByBit, the startup has also received local support as TravelByBit was one of 70 businesses that was awarded money from a $8.3 million innovation funding grant by the Queensland government.
This will also be seen a strategic move for Binance, considering that it has a user base of over 10 million people , who often do not have access to businesses that accept cryptocurrency as a form of payment.
The Queensland Minister of Innovation and Tourism even weighed in on the announcement, saying that “It was great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem”.