Binance invests $2.5 Million in a Blockchain Travel Startup
Recently, the crypto exchange company, Binance has created a hype in Australia by partnering with a blockchain based travel startup TravelbyBit. The company has collaborated with this Queensland-headquartered travel startup by investing a huge amount of $ 2.5 million.
The impulse behind this drive is to develop a Point-of-Sale (POS) payment system for the airports with a global perspective. Moreover, the users will be able to make payments using cryptocurrencies to the merchants at international airports. The consumers will also be able to book their travel plans using digital travel currencies. Hence, the idea of cryptocurrencies will have a major boost everywhere.
The CEO of Binance, Chengpeng Zhao also shared his views. He told that using cryptocurrency for travelling will make it feasible for people. As per now, travellers depend on forex cards or expensive Over The Counter (OTC) solutions for the exchanging currencies. That makes the whole budget for travelling more expensive. However, with cryptocurrencies as an option, the problems can be addressed easily, says Zhao.
He added cryptocurrencies will end the need of exchanging currencies. Also, one can do bookings without any third-party interference.
Binance has been expanding its linkups with innovative blockchain startups since a long time. Recently, one of the company’s incubation wing has invested in Contentos. It is a YouTube-like platform which is to provide crypto assets to users. The company is aiming for making more and more people aware about the use of cryptocurrencies.