State government of Queensland, a province in Australia, recently published an official announcement where they confirmed that a special grant will be issued to a crypto start-up, TravelbyBit that operates in the field of tourism. The announcement also confirmed that the recent sponsorship will be provided within the framework of country innovation funding program which is worth $8.3 million in total.
As reported, the funding initiative of Advance Queensland Ignite Ideas will be sponsoring 70 start-ups in IT and new technologies in order to develop their business ideas. TravelbyBit is one of those 70 start-ups which were selected to receive the financial support from the government.
TravelbyBit is a crypto start-up which has the main objective of developing tourism industry in Central Queensland. The company plans to sell travel offers for cryptocurrencies and hence create more job opportunities in the country.
Minister of Innovation, Minister Kate Jones said on the initiative:“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 the Great Barrier Reef) – using cryptocurrency to make it easier for tourists to book holidays”.
Co-founder and CEO of TravelbyBit, Caleb Yeoh earlier confirmed that the start-up officially partnered with Brisbane Airport Corporation. They mutually will be aiming at creating the first ever digital currency friendly airport in the world. Yeoh also confirmed that travellers will have the opportunity to purchase appropriate services using such cryptocurrencies as Bitcoin (BTC), Litecoin (LTC), Dash, Ethereum (ETH) etc.
Yeoh specified: “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”.