Binance backs plan to create crypto-friendly airports around the world

Brisbane Airport is getting a further upgrade…

by Manoj Sharma for CNR

The largest cryptocurrency exchange in the world, Binance, has invested in an Australian start-up, TravelbyBit, to help facilitate the first crypto-friendly airport in Brisbane (a project that began in earnest over the summer, before Binance got involved)

Binance announced at the end of last week that it would be investing over $2.5 million USD in the Australian project, focused on blockchain payments for the tourism and travel industry.

The investment will enable TravelbyBit to accelerate its work in turning Brisbane airport into a blockchain-friendly destination, which will allow travellers to shop with cryptocurrencies, including Ethereum, Bitcoin, Litecoin and Binance Coin.

The CEO of Binance, Changpeng Zhao, said that “real, on-the-ground, just-when-you-need-it use case is key for further crypto adoption. 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”.

Binance and TravelbyBit will work together to introduce a global POS (point-of-sale) payment system by incorporating blockchain technology into major airports in the world, with Brisbane the starting point for that work. Currently, TravelbyBit supports a multicurrency payments platform and now it will add support for BNB.

CEO of TravelbyBit, Caleb Yeoh, said that “blockchain payments have the ability to make global commerce extremely efficient by removing much of the friction of multiple exchange rates”.

The two companies should further enable the mainstream adoption of digital assets. Binance has 10 million customers now, and those travelling to Brisbane will be able to spend their cryptos at the airport. Look out for special offers on Toblerones. Airports always have lots of those…

Image: BigStock