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.