Bundaberg bets big on a new crypto startup that will make the city’s travel industry thrive even more
Bundaberg, a small Australian city with a population that barely exceeds 70,000 people, could become one the country’s biggest crypto hubs because of a recent initiative proposed by the local government. The city will provide funds for a crypto-oriented startup TravelbyBit.
Crypto traveling is getting closer
TravelbyBit was among 70 recipients Ignite Ideas grants. It is a digital payment platform that strives to increase crypto merchant adoption in the tourism industry (both in Australia and overseas). Hence, travelers will be able to pay directly with digital money without preparing a bunch of cards and exchanging cash. Apart from Bitcoin, merchants usually accept many other major cryptocurrencies, including Ethereum, Litecoin and Dash.
Innovation Minister Kate Jones states that tourism plays a crucial role in Queensland’s economy and entrepreneurs like TravelbyBit can potentially enhance local businesses by attracting crypto enthusiasts from different parts of the world. She says that $100,000 that was given to TravelbyBit will help the company to expand its staff and bring in more merchants. Such young startups need a little push to achieve quick commercialization.
The growing business
So far, about 150 merchants in Australia showed a crypto-friendly stance by teaming up with TravelbyBit. A major dark rum producer Bundaberg Rum will be one of many businesses that are planning to accept crypto in the nearest future. The prominent distillery is one of the biggest tourist destinations in Bundaberg, which attracts thousands of visitors every year.