Crypto Startup To Receive Seed Funding From Australian State Government To Boost Regional Tourism

Crypto Startup To Receive Seed Funding From Australian State Government To Boost Regional Tourism

According to recent reports, the Australian government will provide a grant to the young startup incorporating blockchain-based initiative for enhancing features of travel and tourism industry.

The state government of Queensland will provide the crypto startup with innovation funding of over $8.3 million as extracted from the official declaration announced and published on August 1st.

As per the official statement from the government, TeavelbyBit is a digital currency payment platform that extends its implementation of secure gateways through the blockchain in the travel industry. Their company is reported to be one of the 70 companies that will receive the funding under the Advanced Queensland Ignite Ideas, a platform that finds young entrepreneurs dig for their idea and provide them with support and funding for developing the emerging enterprise.

The company’s vision and mission are clear; they are out to boost the number of tourists coming to Central Queensland by incorporating and building more innovative solutions in the travel industry and subsets. These solutions are to be sold with the help of cryptocurrencies. The implementation of blockchain in tourism is also believed to bring in more employment in the state of Queensland.

Innovation minister, Kate Jones added his views on the startup by saying: “TravelbyBit has a very clever and wise way that helps all visitors to conduct their payments in an easy and hassle-free way. This is to be done by having a number of local businesses accept amounts in form of cryptocurrency i.e. in crypto tokens. I decipher the interest that TravelbyBit is singularly targeting places like Bundaberg (placed along the Great Barrier Reef), so as to expand cryptocurrency acceptance and usage for making it easier for travelers to book their holidays and trips.”

The new startup TravelbyBit has various untapped application sectors for blockchain they plan and target at. The co-founder and the CEO of TravelbyBit Caleb Yeoh added his future plans. They reportedly include a partnering with the Brisbane Airport Co to launch the very first “world’s digital currency friendly airport”. Their notable progress includes existing implementation of a blockchain backed point of sale system in the major tourist towns present across the region.

According to Yeoh, their platform enables the tourists paying with Bitcoin (BTC), Dash, Litecoin, XEM, Ethereum and BNB to be added soon.

He further added “We already have a customer base of 150 merchants and enterprises across Australia using our system and with this funding, the efforts and reach would increase. With a purpose-built place or platform that enables the exchange of digital currencies all around the world; it will allow us to provide more jobs not only in our team but also across the border and in the overseas tourism industry.”

Here, Australia is not the first country to implement digital currency applications in the tourism industry. We see a lot of initiatives from around the world. People slowly understand the implementations of blockchain can be so revolutionary. Earlier this spring the GNTB (German National Tourism Board) announced that they have opened their services for cryptocurrency form of payments.

In June 2014 IrishCoin was launched to increase numbers of tourists in Ireland. The coin initially targeted to promote more travelers by acting as a discount enabling coupon at partnered bars, restaurants, hotels and all other tourist attractions. IrishCoin at press time is trading at $0.0065 with a market capitalized size equivalent to 30 Bitcoins (BTC) or $231,648.