Government authorities of Queensland, the second-largest and third-most populous state in the Commonwealth of Australia, have invested in a local startup TravelbyBit that sells travel experiences for cryptocurrency.
TravelbyBit would receive government aid for their “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,” Queensland Government minister Kate Jones said.
It is expected that the ability to pay in cryptocurrencies will attract new types of travelers that will in turn lead to increased number of jobs in Queensland.
TravelbyBit is a cryptocurrency payment processing platform created for tourism industry that allows merchants to accept payment in cryptocurrencies.
“We are targeting a different brand of tourist — the tech-savvy traveler 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,” TravelbyBit CEO Caleb Yeoh said.
The startup has already partnered with more than 150 merchants across Australia to accept cryptocurrencies, and is looking to use the government aid to expand their availability across the country.