Queensland Government to Promote Regional Tourism By Investing In A Crypto Startup

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According to Queensland Government’s latest announcement, it is going to invest in a crypto startup more than $8.3 million as innovation funding.

The announcement says the TravelbyBit cryptocurrency payments platform for the travel and tourism industry is one 70 companies which are going to receive Advance Queensland Ignite Ideas funding and which will be supporting entrepreneurs in Queensland in growing their businesses.

The startup is aiming to increase the number of tourists to Central Queensland by selling travel offers with cryptocurrencies and creating more jobs.

Kate Jones, the Innovation Minister, said:

“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.” 

Caleb Yeoh, Co-founder, and CEO of TravelbyBit told the firm has collaborated with Brisbane Airport Corporation for launching the “world’s first digital currency friendly airport” and has already built a blockchain-backed point-of-sale system in local tourist cities. He revealed that travelers could pay using Bitcoin (BTC), Litecoin, Dash, Ethereum, XEM and soon BNB. 

Yeoh told:

“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.”

Nishanth Shetty

Nishanth Shetty is a technical writer, author and a crypto-advisor working at Cryptofame. Based in the city of dreams, Mumbai, on the west coast of India. He holds a bachelors degrees from Mangalore University. Nishanth has a myriad experience of technical writings for tech brands. His interests include technology, travel, and food.