Crypto exchange Binance invests $2.5m in payments platform TravelbyBit

REUTERS/Dado Ruvic

Hong Kong-based global cryptocurrency exchange Binance has announced a $2.5 million investment in Brisbane-based TravelbyBit, a blockchain payments provider, to facilitate better crypto adoption.

Both will work together to introduce a global point-of-sale payment system, incorporating blockchain, in major airports.

“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,” said Changpeng Zhao, CEO of Binance.

The financing will help TravelbyBit significantly scale up operations and create more jobs in Queensland, as per the release.

The announcement also mentioned that The Palaszczuk Government (state government of Queensland) has supported TravelbyBit with a AUD$100,000 ($70,800) as an Advance Queensland Ignite Ideas grant.

With a processing rate of over 1.4 million orders per second, Binance has been named one of the fastest exchanges in the world.

Binance, with a user base of 10 million, hit a $1 billion valuation this year and expects to net as much as $1 billion in revenue over the course of this year.

TravelbyBit targets the travel and tourism industry, enabling merchants to accept digital currency payments and providing booking services for digital currency travellers.

It supports multi-currencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Airport visitors will soon have the option to also use Binance Coin (BNB) as payment at TravelbyBit merchants.

As the project develops, travellers will be able to find airport merchants of TravelbyBit at airports like Brisbane and will facilitate the use of the mobile wallet. The companies plan to accelerate the user adoption starting from the airports.

“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,” said Caleb Yeoh, CEO of TravelbyBit.

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Bitcoin and cryptocurrencies poised to become $80t business: Tim Draper

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.