Binance recently invested in TravelbyBit, the innovative Australian startup that makes it very easy for shops to accept crypto payments.
We have a vision that one day, we cryptocurrency holders will be able to travel the world using just our coins and tokens — and by working with TravelbyBit, we can make this possible.
TravelbyBit is the company behind Brisbane Airport’s transformation into the world’s first cryptocurrency-ready airport. We applaud TravelbyBit’s boots-on-the-ground initiative in advancing cryptocurrency use cases, from preparing the airport for accepting crypto last January to ensuring that every merchant and payment point in the airport can accommodate crypto payments just last May. Our new partnership intends to replicate what TravelbyBit has done for Brisbane Airport to every major airport in the world.
Through this partnership, Binance and TravelbyBit intend to build a global point-of-sale (POS) payment system that incorporates blockchain technology into major airports around the world. TravelbyBit has taken the initiative to connect numerous travel- and tourism-related businesses to cryptocurrency and our community and blockchain technology will augment and amplify what TravelbyBit does best.
Here are four more reasons why Binance’s partnership with TravelbyBit is a game-changer for both companies and the blockchain industry in general.
- Binance Coin: Use for trading AND flying.
In a blockchain environment where cryptocurrencies are increasingly being judged based on their utility, Binance Coin is adding another real-world use case. Or as our CEO Changpeng Zhao put it, “real, on-the-ground, just-when-you-need-it use case.” Through this partnership, TravelbyBit will add Binance Coin as one of the select cryptocurrencies that airport visitors can use to pay for purchases made at TravelbyBit-affiliated merchants, including flights, souvenirs, and more.
This deal secures a strong use case for Binance Coin in an industry that perhaps has the most to gain from adopting blockchain: travel. Many of us have taken a flight to another country, only to experience the mad scramble of converting one form of cash to another, while being subject to high rates. Blockchain is solving that problem by allowing travelers to use the digital currency they prefer (like Binance Coin) without any exorbitant fees or opportunistic middlemen. Blockchain opens up a cost-saving, flexible solution to the problem of converting money during travels.
TravelbyBit CEO Caleb Yeoh sums it up best: “Imagine traveling with multiple stopovers and only needing a single currency.”
2. You just gained 150 more ways to use Binance Coin (and another 150 soon).
Right now, TravelbyBit managed to put together an impressive roster of more than 150 merchants and establishments where people, particularly tourists and travelers, can use crypto in everyday life. With our partnership, we will take TravelbyBit’s system of crypto POS terminals to a global scale.
This move is the beginning of a trend toward more widespread adoption of cryptocurrency. We are excited to see how our Binance community will explore the various use cases for Binance Coin, besides getting discounts on trade fees. We want to enable you, our fellow Binancians, to spend your Binance Coins on as many platforms outside the exchange as possible, and to travel as far as you want, to as many places as you desire.
3. TravelbyBit is making waves in countries like Australia and New Zealand. Let’s add more.
Over the past year, TravelbyBit has done a great job in being a proactive company at the forefront of securing public acceptance and usage for cryptocurrencies. The Australian startup built an expanding network of crypto merchants and tourist routes in Australia and New Zealand, where tourists can now pay for entire trips with digital currency. With our new partnership, Binance and TravelbyBit can now replicate the success stories of Australia and New Zealand in more countries. This is one up-front way to connect the world through the blockchain.
4. More uses for crypto means more value for the entire blockchain ecosystem.
We’ve touched on the immediate impact of Binance’s partnership with TravelbyBit, but that’s just the beginning. As the partnership progresses, Binance and TravelbyBit will explore more synergies encompassing our different units, as well as tie-ups with other companies and organizations. The bigger picture here is the development of a new system for using money for travel. And more value is derived from involving more parties to a new blockchain-fueled travel paradigm. This translates to increased efficiency and freedom in the way we use money, which is core to Binance’s mission.
With these major implications for a wider use case, we encourage our fellow Binancians to join us in building a borderless world via traveling on the blockchain. If you represent major airports and retailers that are willing to accept cryptocurrencies as payment, or if you know someone like that, email TravelbyBit at email@example.com. Merchants that accept Binance Coins through TravelbyBit’s solution will get immediate visibility to millions of Binance users and will be at the forefront of bringing forth crypto adoption to the world.