TravelbyBit receives grant to develop crypto-tourism payments in Queensland
While recent research has shown bitcoin use in commercial payments systems is on the decline, Australia’s Queensland province has just announced the issue of a grant to a digital currency payments platform start-up.
The start-up TravelbyBit – which Queensland authorities hope will help promote tourism to the state – is one of 70 companies that will receive a grant as part of an $8.3m government innovation funding under the Queensland Ignite Ideas project.
TravelbyBit is a digital currency payments platform for the travel and tourism industry that enables businesses to accept payments in digital currencies.
Chief executive and co-founder Caleb Yeoh said the $100,000 from the first round of Ignite Ideas funding would enable TravelbyBit to build on its success in connecting Queensland merchants to cryptocurrency-spending tourists.
“We have partnered with Brisbane Airport Corporation to launch the world’s first digital currency friendly airport and have integrated our cutting edge blockchain powered point-of-sale system across the regional tourism towns of 1770 and Agnes Water,” he said in statement on Queensland’s state government website.
He added: “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.”
The platform will accept bitcoin, litecoin, dash, ethereum, XEM and soon BNB, the company said.
Queensland innovation minister Kate Jones said: “Tourism is one of Queensland’s most important industries. 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.”