Source: iStock/sihasakprachum

Local government authorities in Australia have given their blessing to a deal that will see cryptocurrency exchange giant Binance invest USD 2.5 million into an Australian crypto startup – potentially opening the door for crypto pay options for travelers at international airports.

Binance has struck a deal with TravelbyBit, a Queensland-based company that provides blockchain technology-powered payments solutions for travel industry companies.

Per a joint press release, Binance and its new partner will look to create blockchain-powered point-of-sale (POS) payment systems at major airports around the world.

Caleb Yeoh, CEO of TravelbyBit, claimed, “We’re working with the most innovative airports and retailers who want to offer their consumers non-traditional payment options.”

Earlier this year, the company announced that "travelers from all over the world are now able to pay using digital currency at Brisbane Airport, the world’s first digital currency airport."

As part of TravelbyBit’s payment system, the merchants at Brisbane Airport range from restaurants to souvenir shops and cater to all guests arriving and departing through the airport’s international terminal.

TravelbyBit’s existing payment platform currently supports transactions in Bitcoin, Ether and Litecoin. Under the terms of the investment deal, the Australian company will also add support for the Binance Coin token to its platform.

The state of Queensland, which had previously handed TravelbyBit a USD 71,000 business growth grant, has expressed its support for the deal. Per the press release, Queensland’s Minister for Innovation and Tourism Kate Jones stated, “It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem.”

The startup has reportedly partnered with more than 150 merchants across Australia to accept digital currencies, and is looking to use the new investment to expand their reach across the country and turn Australia into a more crypto-friendly travel destination for people from around the world.

In January, TravelbyBit published a story about Robert, an eighty-year-old Singaporean Bitcoin investor, who traveled Australia on crypto.