Binance, the worlds leading exchange in total trade volume, is pushing forward crypto adoption by promoting the technology through airports. Binance has a USD 2.5 Million investment in TravelbyBit, a crypto payment platform aimed primarily at tourists going through airports.
TravelbyBit expanding its network
Within the next 12 months, TravelbyBit is seeking to expand its userbase using the extensive network of Binance. TravelbyBit is also attempting to turn Brisbane airport (Australia) into the first cryptocurrency ready airport, and this airport is already very advanced in terms of cryptocurrency acceptance. TravelbyBit CEO Caleb Yeoh stated that-
“We are in talks with the most innovative retailers, airline lounges and airports around the world to roll out our blockchain payment system. Binance has over 10 million users now. We can channel those users to the retailers we work with at the airports.”
TravelbyBit will not be charging any fees to the merchant or the consumers for purchases, and the company also offers travel bookings. It is already possible to pay for flights and hotels in cryptocurrency using sites such as Cheapair.com. TravelbyBit intends to integrate Binance Coin (BNB) across all its merchant payment platforms.
Cryptocurrencies and airports – the key to crypto adoption?
Airports are a key industry for cryptocurrency adoption. One reason is due to the sheer volume of people who pass through airports, which constitutes good opportunities for generating crypto awareness. But travelers and tourists are the perfect customers for more specific reasons. They will have just arrived or left a country with a particular currency, and are going to need to exchange that currency for another, with a hefty price tag. By using a sole currency such as bitcoin in all countries, it will be cutting out the 7% or so fees charged by FX counters, as well as the inconvenience. People will often have spare currency when leaving a country. Currency conversion is already on their minds, and it could well occur to transfer to a new kind of currency. It could be the perfect place to transfer some spare change to BTC. As per the TravelbyBit CEO –
” I spent a lot of transit time at airports, and the exchange rate robbery that happens in these locations is shocking. The fees and inconvenience in dealing with multiple currencies when in transit is a nightmare. Imagine if you can travel all around the world with one truly global currency with no fees.”
Aside from the benefits of avoiding the costly FX fees for good, DLT has multiple benefits for the airline industry, from baggage tracking to identity verification. It can streamline processes so that people no longer need to arrive hours before the departure times, and reduce the significant mental and emotional stress that is commonly reported with air travel. Dubai is seeking to become the worlds first passport-free airport built on DLT and numerous other airlines are investigating the integration of DLT to create a new paradigm for stressless air travel.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.