Following a series of bold moves by the Australian government towards technological advancements, the country has again taken a significant step in achieving their set 2025 vision. The province of Queensland which is the second largest city in the continent has decided to lend its backing to TravelbyBit, a new crypto startup business, by issuing a grant of AUD$8.3 million; this was revealed according to an official announcement released on August 1.
TravelbyBit would not be the only startup receiving the grant as a total of 70 beneficiaries have been identified to be a partaker of the Advance Queensland Ignite Ideas Funding: a project supporting entrepreneurs in the city developing potential progressive business. The company will aim to increase the number of tourists to Central Queensland by selling travel offers with cryptocurrencies and creating more jobs. Kate Jones, the Innovation Minister, praised TravelbyBit’s initiative:
“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 the Great Barrier Reef) – using cryptocurrency to make it easier for tourists to book holidays.”
Tourism would always be the center of industrialization in any country, and TravelbyBit has been highlighted to generate and facilitate more tourists to Central Queensland. By selling travel offers through Bitcoins and other acceptable cryptocurrencies, the company is set to create more opportunities and jobs in Australia.
TravelbyBit CEO, Caleb Yeoh, amongst other things revealed that the platform would soon support BNB payments along with the already supported ones: Bitcoin (BTC), Ethereum, Dash, Litecoin, and XEM. Brisbane Airport Corporation, after partnering with TravelbyBit would be launching “world’s first digital currency friendly airport.
Although it is important to note that Australia is not the first country integrating Blockchain technology and cryptocurrencies into the tourism sector, as GNTB, the German Tourist Board had also announced their acceptance of digital currencies as way of payment; While IrishCoin (from Ireland) which was launched in 2014, had set the pace much sooner.
Notwithstanding, TravelbyBit is a statement being made by the Australian government, and it is one that we can’t wait to see evolve above its potential.