Binance invests $3.5 million in TravelByBit to add BNB, more airports

Posted: 3 October 2018 2:14 pm
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Maybe the Binance CEO is just sick of changing money every time he wants to buy something at an airport?

Australian cryptocurrency startup TravelByBit has received a US$2.5 million (AUD$3.48 million) investment from Binance, the world's largest cryptocurrency exchange by volume, to expand its network of cryptocurrency payment terminals to more airports around the world.

TravelByBit has enjoyed a good deal of success around Australia to date, especially all around Queensland, but its mission is to go global. This cash injection is intended to help accomplish that.

Where to begin

Where do you go if you want to make your way all around the world?

To the airport, obviously.

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"Let's start with airports and go from there," said Binance CEO Changpeng "CZ" Zhao. "Look for TravelByBit and put your coins (hopefully the Binance Coin or BNB) to use."

In some ways it's a continuation of recent Binance efforts to more widely promote the functionality and use of Binance coin beyond part of broader recent efforts to expand the functionality of BNB beyond its ability to get discounts and lodge votes on the Binance exchange.

"Real, on-the-ground, just-when-you-need-it use case is key for further crypto adoption," CZ said. "In this light, there is no better fit than being able to use your crypto when traveling, just after you land in a foreign country, where you may not have the local currency."

"Long term, TravelbyBit shares our vision and values, and we are excited to work together with them to bring a blockchain-enabled economy."

"Imagine traveling with multiple stopovers and only needing a single currency," said Caleb Yeoh, CEO of TravelByBit. "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."

TravelByBit has previously been financially lauded by the Queensland state government with a $100,000 grant to help it install crypto payment terminals around the state, and Queensland Minister for Innovation and Tourism Kate Jones also remarked on the new deal.

"It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem," she said.

Part of the new deal is also to add Binance Coin (BNB) to the platform. TravelByBit currently supports bitcoin, Ethereum and Litecoin, and they'll soon be joined by Binance Coin.

Binance has the unique distinction of being the quickest company to ever achieve a $1 billion valuation, and CZ probably does a lot of travelling. Maybe he was just sick of changing money all the time and decided $2.5 million was a reasonable amount to pay for the ability to use the company coin at various airports around the world.

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VET, XLM, BTC, ADA

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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