The world's largest cryptocurrency expansion by volume continues to expand. Binance has invested $ 2.5 million in TravelbyBit, a blockchain payment provider based in Queensland, Australia.
The two companies are creating a point-of-sale POS system that accepts cryptocurrency at major airports worldwide.
The platform is designed to push cryptocurrencies closer to mass adoption by offering travelers the opportunity to purchase assets with four different cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Binance Coin (BNB) .
Binance CEO Changpeng Zhao believes that the crypt can offer significant advantages to travelers.
"Let's start from the airports and let's go there … The real case, in the field, only when needed is the key to a further encrypted adoption In this light, there is nothing better than being able to use your crypt when you are traveling, immediately after you have landed in a foreign country, where you can not have the local currency ".
– CZ Binance (@cz_binance) 3 October 2018
TravelbyBit has already developed a commercial network ("commercial route") throughout Australia. Although travelers pay in digital currency, merchants can choose to receive encryption, fiat or a combination of both.
CEO Caleb Yeoh emphasizes the benefits of the system.
"Imagine traveling with more than one stop and only needing a single currency," he says. "We are working with the most innovative airports and retailers who want to offer their consumers non-traditional payment options and the chance to experiment with cutting-edge technologies."
The Queensland state government has delivered TravelbyBit $ 100,000 as part of the Advance Queensland Ignite Ideas grant. Kate Jones, Queensland's tourism and innovation minister, says:
"Tourism is one of Queensland's most important industries, and TravelbyBit has created a smart way to make it easier for our state's visitors to pay for their purchases with an increasing number of local businesses that accept cryptocurrency payments."
Disclaimer: the opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin or cryptocurrency. Your transfers and exchanges are at your risk. Any losses you could sustain are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.
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