The integration of blockchain technology and cryptocurrencies with the mainstream world has been seen as a win for the digital asset industry. Many from the decentralized space have stated that once institutions realize the benefits of cryptocurrencies, then there will be no going back. One such integration occurred recently when Binance, the world’s largest cryptocurrency exchange, partnered with TravelbyBit to launch their own crypto-backed travel rewards card.
TravelbyBit is the same organization responsible for setting up a system that allowed Brisbane Airport to become the world’s first cryptocurrency friendly airport. With the latest partnership, Binance will enable TravelbyBit to create a feature to facilitate cryptocurrency payments on major travel websites. According to the official release from TravelbyBit:
“The new TravelbyBit travel rewards card will function as a traditional prepaid debit card with additional access to exclusive travel discounts and deals. Users can load their travel cards with BTC, BUSD, BNB, and ONT, which can be used to book flights and hotels through popular online travel sites such as Booking.com, Expedia, Agoda, and Ctrip, as well as TravelbyBit.com.”
Caleb Yeoh, the CEO of TravelbyBit, stated that one of the main issues faced by businesses that accept digital assets for their services was the high premium. Yeohn wanted to remove that barrier to adoption and make cryptocurrencies more usable and promote the industry’s growth by providing incentives for early adopters.
The rewards card will be released next year with the pilot program targeting travelers in Australia, Europe, and the ASEAN countries. Ontology, one of the assets supported on the rewards card, also expressed its gratitude to Binance and TravelbyBit for adding the cryptocurrency to its platform.
The crypto company claimed that the addition would expand ONT’s application scenarios by providing a cheaper, faster, and more seamless booking experience. Interested users can also get an early access experience on the TravelbyBit website, allowing them to be the first ones to use the service when it is officially available for public consumption.
Binance has been in the news several times of late with multiple announcements coming out of its roster daily. After recently acquiring Mumbai based crypto exchange WazirX, CZ admitted that the company might not be venturing into China any time soon. This decision came on the back of China, still reconsidering its stance on cryptocurrencies after it first stated that digital assets were the way to go for the future of finance.
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