Binance Collaborates With TravelbyBit, Launches Crypto-backed Travel Rewards Card

Binance has now revealed a partnership with the crypto travel startup, TravelByBit and launches a cryptocurrency backed travel reward card.

Users have to register for the TravelbyBit Travel Card. This collaboration will allow the users to pay the cryptocurrency at the time of booking flights on some of the major sites, reads the announcement.

The startup reward system works just like a traditional card. The users will be rewarded with some of the exclusive travel discounts and deals, depending on the activity.

The cryptocurrencies that are included in the reward system are the Binance USD(BUSD), Ontology(ONT), Bitcoin(BTC) and Binance Coin(BNB).

The travel sites are Expedia, Booking.com, Ctrip, and Agoda as well as the TravelByBit's own booking platform, claims the announcement.

Executive Opinion

CEO of TravelbyBit, Caleb Yeoh, said, "Many businesses that accept crypto for their services charge users a high premium, which poses a significant barrier to adoption. At TravelbyBit, we want to make crypto useable, provide incentives for early adopters, and see crypto adoption grow. We are excited to work closely with Binance to bring crypto payments to travelers around the globe."

Cryptocurrency proliferates in the travel and booking industry

This new partnership offers a means for crypto holders to leverage their cryptocurrencies for travel purposes, notes the announcement.

The project is going to be launch in the starring of 2020 with Australia, Europe, and ASEAN (Association of Southeast Asian Nations) regions, in the initial phase of launching.

Cryptocurrency being used in the industry of airline and booking has gained significant ground in recent years. A few weeks ago, the Bitcoin payment app Fold revealed that it has partnered with Airbnb that will allow travelers to pay the bitcoin at the time of using the home-sharing service.

In May, Travala.com announced its partnership with Litecoin Foundation to accelerate cryptocurrency payments.

Travala.com, the blockchain-based travel agency and one of the leading providers of a blockchain-based hotel booking platform, announced its partnership with Litecoin Foundation to accelerate cryptocurrency payments.

Travala.com accepts cryptocurrencies like AVA, BTC, BCH, LTC, ETH, XRP, NANO, TRX, DAI, BNB, DGB, XLM, EOS, TUSD, DOGE, etc. Other payment methods such as PayPal, Visa, and MasterCard are also allowed and accepted.