Tourists in Australia could have the opportunity to pay for their holiday in cryptocurrency after startup TravelbyBit won AUD$100,000 in funding as part of a state initiative by the Queensland government.
The startup was among approximately 70 other regional companies who were awarded a portion of the AUD$8.3 million grant.
Minister for Innovation and Tourism Industry Development Kate Jones said tourism was one of Queensland’s most important industries and TravelbyBit offered an easier payment option for tourists.
“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,” said Jones.
The funding is part of Advance Queensland Ignite Ideas, a state-funded initiative aiming to support entrepreneurs in Queensland grow their businesses.
“I understand TravelbyBit is specifically targeting places like Bundaberg – using cryptocurrency to make it easier for tourists to book holidays. That’s why we’ve invested to help them scale-up their operation and ultimately create more jobs in Queensland,” said Jones.
TravelbyBit CEO Caleb Yeoh said the funding allocation would help the company expand its operation and help to encourage employment growth in Queensland.
The tourism platform will integrate bitcoin, ethereum, litecoin and NEM into its a point of sale payments system available for use in local businesses, restaurants, tour companies, and resorts.