General News

Australian State Government Invests in Crypto Startup to Promote Regional Tourism

The blockchain technology has started changing the dynamics of the way businesses do globally. The South East Asian country Australia has initiated to consolidate its tourism sector by granting and encouraging its tourism sector through the blockchain technology. Australia’s Queensland State Government announced on Wednesday that it has granted a $100,000 to a start-up based on crypto travel experience. TravelbyBit, an Australia based company designs tourists routes on which travelers can transact with cryptocurrency (with the help of crypto payments platform for trading) provided by the company.

Needless to say that the Tourism is one of the most important industries in Queensland as stated by Ms. Kate Jones, Innovation Minister in Australia. Further, she says that “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”.

TravelbyBit is one amongst the 70 companies that are expected to receive funds in the range of $8.3 million grant which the company will use to scale up and grow its business models. There are 150 traders across the country use TravelbyBit’s payments platform as stated by Caleb Yeoh, CEO of the company. In addition, the company has organized its strategic partnership with Brisbane Airport Corporation in order to build a crypto friendly airport. This will definitely add values to the country’s tourism sector. We can expect that more sectors will follow the same models going forward.

Caleb has also commented in the statement that the country wants to target a variety of tourist brands mostly tech-savvy traveler from around the world who are inclined to book their travel experiences while organizing their trip through the use of digital currency especially to make payment for their travels. Let us not forget that at present TravelbyBit facilitates payments in BTC, DASH, LTC, ETH, XEM cryptocurrencies.

Dorothy Willson
Dorothy Willson is a full time contributor to CryptoWhile. He holds major in journalism and social communication. He is closely engaged in curating and writing about cryptocurrencies and blockchain technology. He firmly believes that blockchain will transform our future financial market.

    Leave a reply

    Your email address will not be published. Required fields are marked *

    More in:General News

    0 %