But there is at least one audience that has largely been overlooked when it comes to travel booking sites — the crypto crowd. Of course, some vendors accept cryptocurrency as payment, but none of the major travel booking websites currently allows users to use their Bitcoin or Ethereum to pay for their next getaway.
Now, thanks to TravelbyBit, travelers do have the option to book a trip using cryptocurrency as payment. And for those who don’t have crypto to spend, TravelbyBit’s rewards program lets them acquire Bitcoin by booking through its website.
The company launched in 2017 with a focus on facilitating point-of-sale cryptocurrency payments in Australia travel destinations. CEO and Co-Founder Caleb Yeoh said TravelbyBit received its seed funding from the Australian government in a bid to boost tourism.
“Australia went through a phase where it said, 'We really envy what Silicon Valley has, and we want to create our own startup ecosystem. And we’re going to provide some funding and support and mentorship to a bunch of fintech startups,’” Yeoh said. “So we were very fortunate to be in the right place at the right time.”
Yeoh said that, as TravelbyBit’s point-of-sale network was growing in Australia, they were hearing feedback from frequent travelers and digital nomads who liked the service. The feedback led to TravelbyBit expanding to the full-fledged travel booking platform system that it is today.
It wasn’t long before TravelbyBit entered into a partnership with the world’s leading crypto exchange, Binance, which invested more than $3.5 million in the young company.
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