Officials from the Australian state of Queensland have announced that it has given a grant of 100,000 A$ ($73,600) to TravelbyBit, an Australian cryptocurrency-focussed travel start-up. By doing so the Australian government believes that it will promote local tourism on a large scale.
The Australian start-up basically offers tourist trips in Australia and all over the world and it accepts cryptocurrencies as a form of payment. Along with this, TravelbyBit also has its own digital currency payment platform, which is presented to different firms that are willing to accept payments in cryptocurrencies.
According to the statement given by the State Government on Wednesday, TravelbyBit becomes one of the 70 companies that have received money in the latest A$8.3 million innovation funding round of the Advance Queensland Ignite Ideas initiative.
TravelbyBit sells travel experiences and accepts the following cryptocurrencies as payment on its digital currency platform Ethereum (ETH), Bitcoin (BTC), Dash (DASH), Litecoin (LTC), and Stellar Lumens (XEM). The start-up that is mostly focussing on Queensland locations would also be adding Binance Coin (BNB) to its platform very soon.
According to Kate Jones, Queensland’s innovation minister, “Tourism is one of Queensland’s major business sector. As the majority of local businesses have begun accepting cryptocurrency payments, TravelbyBit has devised a clever way to make it more efficient for visitors of our state to pay for their purchases with cryptocurrencies.”
Jones further added, “I am well aware that TravelbyBit is specifically targeting locations like Bundaberg – utilizing cryptocurrency to make it easier for tourists to book for holiday packages.”
The main aim of The Ignite Ideas grant is to help aspiring entrepreneurs from Queensland to grow their business and in turn employ more staff, which provides the ideal opportunity for TravelbyBit to scale up its operations and create more employment opportunities.
Caleb Yeoh, the co-founder, and CEO of TravelbyBit believes that the state grant will enable the start-up to build upon the success it has previously achieved in connecting local Queensland investors to cryptocurrency-spending tourists.
In a statement, Yeoh went on to state, “We have formed a partnership with Brisbane Airport Corporation and together we will launch the world’s first digital currency friendly airport, we have also integrated our cutting-edge blockchain powered point-of-sale system across the regional tourism towns of Agnes Water and 1770 and Agnes Water.”
Till date, through four funding rounds, the Queensland government has handed out A$34.65 million to as many as 271 local businesses. Every single company who received a grant in the most recent round were on either on the brink of commercialization or all set to scale up for new markets.
Famously known as the “Sunshine State” Queensland is also Australia’s third-largest economy, with tourism being one of its major industries. Australia’s most popular tourist attraction, the Great Barrier Reef, is extended along most of Queensland’s eastern coast, and in addition to that, the state is also popular among surfers and people who seek for outback adventures.