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:
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
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in Bullish Group as part of their compensation.