Australian state government invests in bitcoin startup

Posted Aug 3, 2018 by Lisa Cumming
Australia's Queensland state government has announced a new partnership with TravelbyBit, a startup that helps travel businesses accept cryptocurrency payments.
Illustration by Digital Journal
The Queensland government announced Wednesday that it had entered into a partnership with TravelbyBit in an effort to sell more travel experiences online using cryptocurrency payments.
The company is one of 70 that will receive a grant part from the more than AUD$8.3 million pot in government funding under the Ignite Ideas program.
“Tourism is one of Queensland’s most important industries. 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,” said Kate Jones, the government Innovation Minister, in the press release announcing the partnership.
According to Jones, TravelbyBit is focusing on making it easier for tourists to book holidays in cities like Bundaberg, just off Queensland's coast.
The company currently accepts Bitcoin, Litecoin, Dash, Ethereum, NEM (XEM) and plans on accepting Binance Coin in the future.