Tag : Queensland

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State Government in Australia Invests in Tourism Crypto Startup


There has been yet another major move made by Australia in the world of blockchain. Queensland is the third most densely populated state and the second largest state in size on the continent/country. The state government of Queensland is looking forward to give a grant to a crypto based startup company that focuses on tourism. The officials from the state government believe that this move will massively help boost tourism in Queensland.
The announcement was made on Wednesday by the state government of Queensland on their official website. The announcement revealed that a grant of AUD$8.3 million will be given to 70 different companies in Queensland. The funds will be given to these companies so that they can make blockchain based innovations for the state.
The announcement particularly highlighted the startup business Travelbybit, which is in Queensland. That will be, for all intents and purposes, the headliner for this major move. It has been dubbed as the startup company that will attract more and more tourists to Central Queensland. People will be able to use cryptocurriences to make online sales of travel experiences.
Tourism is The Most Important Industry
This move by the government of Queensland is only logical. The country of Australia is planning to establish a technologically advanced government by 2025. Making major moves like this allows Queensland to align their goals with the country’s goal of moving forward.
Tourism is one of the most important industries of Queensland. TravelbyBit has come up with a very good way to make it easier for tourists to pay for their purchases. The number of businesses accepting payments through the services of this startup is increasing.
TravelbyBit is essentially a point-of-sale cryptocurrency payments application. More than three dozen local businesses, resorts, restaurants, and tour operators are using this in the Agnes Water area. This town is also being dubbed as the first digital currency town of Australia. The very welcome sign for the town has labels of different cryptocurrencies like NEM, Litecoin, Bitcoin, Bitcoin Cash, and Ethereum on it.
As of now, TravelbyBit is focusing on specific cities to introduce the system that it has. They’re making use of cryptocurrencies to make it easier for people coming into cities like Bundaberg to book their holidays. The government of Queensland is investing in the company to make it bigger. They want it to grow larger in scale and create more jobs in Queensland. It has that much potential.
The government of Queensland is going to give a grant of AUD$100,000 to this startup, which will allow the company to revamp. There will be an expansion to add more merchants to the list of over 150 already registered merchants across the country.
The startup is not just stopping there. It has been enabling several retailers at the airport in Brisbane. They are now accepting cryptocurrency payments from travelers arriving or departing from the terminals now. Brisbane airport is the third largest in the country. It is also one of the busiest.
The CEO of TravelbyBit has even announced plans to add Binance Coin. This will increase the number of cryptocurrencies being accepted by the PoS platform. The CEO, Caleb Yeoh, has stated that the funds being given to the crypto startup will be used for the purpose of development. They will grow their team further and start to accept more cryptocurrencies in the future.
The startup has big plans and all of these align with Australia’s move for a blockchain based future. The state government’s announcement is a result of major blockchain movements made by the Australian government.