Australian Crypto Travel Startup Receives $2.5 Million Investment From Binance

Voyager
Voyager

Binance has reportedly made a $2.5 million investment in TravelbyBit, an Australian blockchain payments provider for the travel industry.

According to the announcement, Binance and TravelbyBit will work together to further develop a point-of-sale payment platform to lower the barrier of difficulty to use cryptocurrency in everyday activities. The system currently supports Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), enabling merchants across the travel industry to accept the alternative payment form.

This investment comes just days after it was revealed that Binance Labs made a sizeable, multi-million dollar investment in Contentos (COS), a project building a public blockchain for decentralized content creation, to support its technical development and global community building.

Given Binance CEO Changpeng “CZ” Zhao’s tendency to both promote and back projects that leverage Binance Coin (BNB) in some capacity, it makes sense that the company would back a startup that could bring significant real-world usage to the exchange token.

“Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there,” said Zhao in the announcement.

BNB currently holds a $1.8 billion market cap, making it the 13th largest coin in the AltDex 100 Index (ALT100) and the leading constituent of the AltDex Exchange Index (ALTEXC).

More: Queensland blockchain startup TravelbyBit just won a $3.5 million investment from global cryptocurrency exchange Binance
Similar: Binance Labs Invests in Decentralized Content Platform Contentos

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

 
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