Cryptocurrency startup-One of the primary sources for any country for commercial revenue is the Tourism sector, and here we have Australie taking a new initiative to help to the cause. Cryptocurrency has been regarded as one of the most convenient ways of payment, and the state government of the Australian province of Queensland made funding of $8.3 million towards a startup crypto company.
However, this is not the only company in the region receiving funds. A total of 70 companies, including the digital currency platform TravelbyBit will receive Advance Queensland Ignite Ideas funding. The Ignite ideas funding is financial aid for the entrepreneurs of Queensland, who are looking to move an idea into a business. To somewhat increase the number of tourists in Queensland, TravelbyBit will come with offers, coupons along with the convenience of hassle-free travel. Besides the tourists, it will also create job opportunities mostly for the residents.
Mr. Kate Jones, who is the innovation said in a statement, “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… I understand TravelbyBit is specifically targeting places like Bundaberg (along with the Great Barrier Reef) – using cryptocurrency to make it easier for tourists to book holidays.”
CEO and Co-founder, Caleb Yeoh informed that the company TravelbyBit is partnering up with Brisbane Airport Corporation which might end up being the first crypto-friendly airport in the world. Yeoh said in an official statement,” We have more than 150 merchants across Australia using our system and this funding, to develop a purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry.”
As far as the cryptocurrency involved, travelers can pay using Bitcoin, Dash, Ethereum, BNB, and XEM as part of the travel expenses.
Now even though Australia might have the first cryptocurrency friendly airport, they were still behind Germany as the first country to introduce cryptocurrency in the tourism sector as a mode of payment for the travelers. The German National Tourist Board (GNTB) made an official announcement this spring that they will receive BTC or other forms of cryptocurrencies as a mode of payment from the travelers. Back in 2014, Ireland launched what was known as IrishCoin to help support its tourism sector. These allowed the tourists to get discounts in bars, restaurants, hotels and the tourist hotspots.
Introducing cryptocurrency may be the future of profits for all, as it straight away removes the middlemen involved. However, the idea of cryptocurrency will take some time for all the other developing countries to sink into.