Quite a lot of businesses from different industries have been jumping on board the blockchain hype. Since its inception, the technology has induced a new life into existing industries and has fueled up various startups as well. Another rather flourishing industry that has entered into the blockchain market is the travel industry. You read that right! TravelbyBit is aiming to transform how you travel and how you spend your money during long transits in a foreign city.
A team of passionate travelers, who are also enthusiasts when it comes to the digital currency business, coined the idea of TravelbyBit. They wanted to help people and the crypto community in particular to experience full freedom on their travels.
There is actually a story behind this platform. The co-founders of the company Caleb and Shireen are both avid travelers. About 3 to 4 years ago, they were traveling in Sri Lanka and decided upon extending their stay. But to their disadvantage the local hostel couldn’t accept card payments, only cash, which unfortunately they didn’t have. This is when they noticed a gap in the global market, which lead to the formation of TravelbyBit. They have been working on perfecting their vision into a reality since the past 2 years.
How Does it Work?
The ultimate goal is to bring digital currency payments to mainstream travel and build a use-case that is applicable in the real world. TravelbyBit’s payment system is fundamentally different as compared to other systems because their merchants facilitate peer-to-peer transactions in a true sense. Through the use of digital wallets, travelers have the freedom to pay with their choice of digital currency. Although customers pay in digital currencies like Bitcoin or XEMs, it is up to the merchants to choose the payment in cryptocurrency, fiat currency, or a combination.
The First Crypto-Friendly Town
TravelbyBit only recently launched the first-ever crypto friendly town in Agnes Water-1770. The town witnessed over 30 merchants accepting cryptocurrency as a form of legitimate payment. The town was specifically handpicked in order to help boost tourism and surprisingly so, the response has been very positive apparently.
The World’s First Crypto Airport
This ambitious project will highlight the benefits of blockchain-enabled payment technologies as an alternative to the traditional Visa/MasterCard system. Which airport is going to go down in history as the first crypto airport ever, you ask. Drumroll, please… The Brisbane Airport. The Australian airport along with its retailers has partnered with TravelbyBit to bring decentralized blockchain-enabled payments to two of its terminals. Which means that passengers arriving at or departing from the Brisbane airport will soon be able to spend cryptocurrency in a number of stores and F&B outlets.
Why an Airport?
Over 20 million people are expected to pass through Brisbane Airport terminals this year. Usually, Bitcoin transactions happen online, away from the public eye. Physical stores that accept cryptocurrency contribute to an increased level of visibility and reach a much wider audience. If these stores are based in an airport, the visibility effect is magnified owing to the large numbers of travelers.
- Caleb Yeoh- CEO
- Shireen Yip- COO
- Adam Bowman- Business Development
- Brian Issac & Viola Hui- Marketing
- Cindy Feng- Tourism Consultant
- Daniel Ju- Developer
TravelbyBit Team at FinTech Awards
The TravelbyBit team also came out as winners of the FinTech Australian Award 2018 for Excellence in Industry Collaboration and Partnerships that was held in Sydney.