Brisbane is Now Australia's Go-To Cryptocurrency Center

Brisbane is Now Australia’s Go-To Cryptocurrency Center

The second largest state in Australia – Queensland- is aiming at becoming the world’s cryptocurrency center thereby attracting many people to it. It recently gave a substantial grant to a startup to help ensure that travelers to the city can pay all their expenses in cryptocurrencies.

A startup based in Brisbane -TravelbyBit – just received double funding from the state government which has enabled it to transform its Brisbane hometown to one of the world’s cryptocurrency haven ever.

Reports by Gizmodo on September 3 this year reveals that the grant from the government of Queensland would make it possible for any visitor to make payments for their travel expenses by utilizing digital currencies such as Bitcoin.

TravelbyBit is among the 70 beneficiary startups to receive Queensland’s Advance Ignite Ideas funding. According to Caleb Yeoh who is the CEO and co-founder of TravelbyBit, the $100,000 Ignite Ideas Project Funding just received would enable it to establish its Queensland business firmly.

Already, more than 200 merchants located throughout Australia have taken delivery of the company’s currency point-of-sales (POS) system. And of these 200 merchants, not less than 60 percent are stationed in Queensland alone.

Startup Keeps Bringing Innovations To Australia

The digital currency deal is not the first innovation to be brought to Australia by TravelbyBit. The startup had once teamed up with Brisbane International Airport in an effort to make digital payment by travelers very easy.

The plan was earlier announced in January 2018 but eventually became a reality in May. This partnership has since made Brisbane International Airport the first ever to accept digital currencies such as Litecoin, Ethereum, and even Bitcoin by its customer. These cryptos are acceptable at the airport’s domestic and international terminals numbering up to 30.

Queensland Now A Go-to Crypto Center

In terms of cryptocurrency adoption as a means of settling payment, Queensland which is the third most populous state in the world and Australia’s second largest city is no doubt a force to reckon with.

In June this year, a northern coastal town of Queensland was crowned Australia first digital currency town. It is most likely the first digital currency town in the world too. Businesses operated at Agnes Water have started accepting payment in digital currencies to attract tech-minded tourists.

Visitors will also be allowed to offset their bills using cryptocurrencies according to Brisbane Convention and Exhibition Centre.

In the views of Kate Jones who is the Minister for Innovation and Tourism in Queensland, crypto is a “vital cog” capable of helping to drive many tourists to Queensland. He further stated that this understanding was what made the government invest in TravelbyBit.

Privacy Behind People’s Love For Cryptos

According to TravelbyBit CEO, the underlying reason behind people’s quest for cryptos is the absence of the security flaws common with traditional credit cards. With cryptocurrency, customers need not relay any of their personal details to the merchant. This makes it safer in Caleb Yeoh’s view.

To him,

Privacy with digital currencies is a security feature; I push a fixed amount of money to the business and that merchant has no ability to pull any more money from my account.

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