Blockchain General News

Binance invests $2.5 million into cryptocurrency payment startup


Binance, the largest digital currency exchange by trading volume has invested in a TravelByBit, an Australian blockchain payment startup which makes it easier for users to pay by cryptocurrencies.

The cryptocurrency exchange invested USD 2.5 million (AUD $3.4 million) into the startup. The funds would be used to expand the companies terminals and they have successfully managed to implement it in the Brisbane Airport.    

Binance is known to be a very high profile investors with its global presence. Binance is one of the fastest profitable startups to reach a valuation of $1 billion in the history and the exchanges see cryptocurrency mass adoption.

Bitcoin (BTC), Ethereum (ETC) and Litecoin (LTC) are the cryptocurrencies currently supported by TravelByBit and with the Binance Investment, it should soon support Binance (BNB) coin.

Changpeng Zhao, the CEO of Binance believes that cryptocurrencies would get adopted when individuals use it for on the ground situations and airports as a starting point would be a good real use case.

Brisbane Airport and TravelByBit made headlines this year when the airport became the first Cryptocurrency friendly airport as cryptocurrencies are accepted by all of the merchants as a form of payment. Binance and TravelByBit would build point of sales system around the globe and Brisbane Airport was the first.

TravelByBit was one of the 70 startups that was awarded a$8.3 million grant. It would be a win-win situation for Binance and TravelByBit as it received local support.