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Binance, the largest cryptocurrency exchange by trade volume has invested in an Australian cryptocurrency startup, TravelbyBit. According to a report published by Business Insider, the exchange has invested $2.5 million in the startup.









TravelbyBit is a Queensland-based startup that focuses mainly on the Travel and Tourism industry and acts as a mediator between merchants and customers. Travelers can book services using TravelbyBit’s cryptocurrency payment options.





Through this strategic partnership, Binance and TravelbyBit plan on creating a blockchain powered Point-of-Sale [POS] payment system across all major airports around the world.





CEO of Binance Exchange, Changpeng Zhao stated that there is no better use of cryptocurrencies than travelers using it right after landing in a foreign nation.









At present, TravelbyBit offers major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] as an option for payment. In the coming days, the company will integrate Binance Coin [BNB] as an option for payment.





In a statement, after the announcement of the partnership between TravlebyBit and Binance, Queensland Minister for Innovation and Tourism, Kate Jones said:













Earlier this year, the company bagged a partnership with the Brisbane International Airport, the first cryptocurrency friendly airport to allow travelers to pay through digital currencies in the airport’s stores, kiosks, bars, and restaurants.





Recently, the state government of Queensland announced the grant of over $5.9 million to 70 domestic companies, out of which TravelbyBit was one among them. The government reasoned this to be a beneficial one to the Travel and Tourism industry of Australia



