Australian State funds Cryptocurrency-based Travel Startup

Australian state government of Queensland province funds cryptocurrency-based travel startup TravelbyBit. The company’s aim is to increase the number of tourists to Central Queensland via selling travel offers with cryptocurrencies.

2 August, AtoZ Markets – Queensland’s state government in Australia is reportedly planning to issue a grant to a cryptocurrency start-up as part of more than $8.3 million of innovation funding. 

Australian State funds Cryptocurrency-based Travel Startup

The official statement from authorities notes that the TravelbyBit digital currency payments platform for the travel and tourism industry will receive a part of Advance Queensland Ignite Ideas funding. In addition, the same funding will be granted to 70 other companies that receive support for the development of their businesses in Queensland. 

The company’s aim is to increase the number of tourists to Central Queensland via selling travel offers with cryptocurrencies. The firm will also look into creating more jobs. According to the Innovation Minister Kate Jones:

“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… I understand TravelbyBit is specifically targeting places like Bundaberg (along with the Great Barrier Reef) – using cryptocurrency to make it easier for tourists to book holidays.”

Australian Bank of Queensland bans crypto purchase with home equity

The co-founder and CEO of TravelbyBit Caleb Yeoh has stated that the company has collaborated with Brisbane Airport Corporation to launch the “world’s first digital currency friendly airport.” In addition, TravelbyBit has already established a Blockchain-based point-of-sale system in regional tourist towns. As per Yeoh, tourists have the opportunity to pay with Bitcoin, Litecoin, Dash, Ethereum, XEM and soon BNB. He has added:

“We have more than 150 merchants across Australia using our system and this funding, to develop a purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry.”

In the meantime, the Australian Bank of Queensland has prohibited property buyers from using home equity to purchase cryptocurrencies. The Bank of Queensland has reportedly decided to ban credit lines from loans to be used for leveraged purchases or trading of digital currencies. The financial institution has stated that the ban has been enacted due to the high-risk of these kinds of investments. The bank has also stated that leveraged currency trades can appear beneficial; yet, these can also lead to huge losses.

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