Australian State Grants Crypto Startup $100k to Boost Tourism

An Australian state government has awarded $100,000 to a crypto travel company in an effort to bolster its tourism industry.

Aug 3, 2018 at 2:00 a.m. UTC

Updated Sep 13, 2021 at 8:14 a.m. UTC

Australia's Queensland state government has awarded a $100,000 grant to a crypto travel experience startup, a government official announced on Wednesday.

The company, TravelbyBit, designs "tourist routes" on which travelers can spend crypto, and also provides a crypto payments platform for merchants.

"Tourism is one of Queensland's most important industries," Innovation Minister Kate Jones said in a statement. She added:

"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."

The startup is one of 70 companies that will receive funding from a $8.3 million grant, and Jones said the money will be used to help TravelbyBit "scale-up their operation."

According to CEO Caleb Yeoh, 150 merchants across Australia already use TravelbyBit's payments platform, but the company's aspirations are higher - literally. It has partnered with the Brisbane Airport Corporation to create a crypto-friendly airport.

"With this next phase of technology, we are targeting a different brand of tourist - the tech savvy travellers from anywhere in the world who are looking to book their travel experiences ahead of their trip and use digital currency to pay for their travels," he said in the statement.

TravelbyBit currently facilitates payments in BTC, LTC, DASH, ETH, XEM and will accept BNB in the future.

Business miniatures image via Shutterstock

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