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August 3, 2018

Queensland invests in crypto payments platform TravelbyBit

The Government of Queensland has announced a new grant for TravelbyBit, a digital currency payments platform for the travel industry. The crypto payments solution launches under its Advance Queensland Ignite Ideas funding round.

TravelbyBit enables tourists to make crypto payments in any digital currency of their choice such as Bitcoin.

The start-up is among the latest round of companies to secure the Ignite Ideas funding. The funding forms part of the Palaszczuk government’s A$650m ($481.26m) Advance Queensland initiative.

TravelbyBit crypto payments

Queensland innovation minister Kate Jones said: “TravelbyBit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.”

“I understand TravelbyBit is specifically targeting places like Bundaberg – using cryptocurrency to make it easier for tourists to book holidays. That’s why we’ve invested to help them scale-up their operation and ultimately create more jobs in Queensland.”

Also, TravelbyBit co-founder and CEO Caleb Yeoh said that the funding will connect local Queensland merchants to cryptocurrency-spending tourists.

Commenting on the latest investment, Yeoh said:  “With this next phase of technology, we are targeting a different brand of tourist – the tech-savvy traveller from anywhere in the world who are looking to book their travel experiences ahead of their trip and use digital currency to pay for their travels. They can now pay with Bitcoin, Litecoin, Dash, Ethereum, XEM and soon BNB.

“We have more than 150 merchants across Australia using our system and this funding, to develop a purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry.”

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