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Binance invests $2.5 million in an Australian based tourism cryptocurrency startup

Anvita M V

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Binance invests $2.5 million in an Australian based tourism cryptocurrency startup
Source: Unsplash

Binance, the largest cryptocurrency exchange by trade volume has invested in an Australian cryptocurrency startup, TravelbyBit. According to a report published by Business Insider, the exchange has invested $2.5 million in the startup.

TravelbyBit’s posted on Twitter:

“Together TravelbyBit and Binance will take crypto adoption to the next level~! “Growth is never by mere chance, it is the result of forces working together. Thank you for the support @danielalexiuc @SatoshiLite @weizhouBinance @cz_binance .”

TravelbyBit is a Queensland-based startup that focuses mainly on the Travel and Tourism industry and acts as a mediator between merchants and customers. Travelers can book services using TravelbyBit’s cryptocurrency payment options.

Through this strategic partnership, Binance and TravelbyBit plan on creating a blockchain powered Point-of-Sale [POS] payment system across all major airports around the world.

CEO of Binance Exchange, Changpeng Zhao stated that there is no better use of cryptocurrencies than travelers using it right after landing in a foreign nation.

He further stated:

“Look for TravelbyBit and put your coins (hopefully the Binance Coin or BNB) to use. Let’s start with airports and go from there.”

At present, TravelbyBit offers major cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Litecoin [LTC] as an option for payment. In the coming days, the company will integrate Binance Coin [BNB] as an option for payment.

In a statement, after the announcement of the partnership between TravlebyBit and Binance, Queensland Minister for Innovation and Tourism, Kate Jones said:

“It is great to see a local company partnering with one of the most established multinational companies in the blockchain ecosystem.”

Sean G, a cryptocurrency enthusiast said:

“It’s going next level right now. Next stop basement.”

Bitcoin People, another Twitterati said:



“Congratulations TravelbyBit, the work you do is truly inspirational!”

Earlier this year, the company bagged a partnership with the Brisbane International Airport, the first cryptocurrency friendly airport to allow travelers to pay through digital currencies in the airport’s stores, kiosks, bars, and restaurants.

Recently, the state government of Queensland announced the grant of over $5.9 million to 70 domestic companies, out of which TravelbyBit was one among them. The government reasoned this to be a beneficial one to the Travel and Tourism industry of Australia.





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Anvita Mysore Vadiraj is a full-time content writer at AMBCrypto. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies.

Altcoins

Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block

Akash Anand

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Bitcoin SV [BSV] gets hit with another reorg as multiple blocks get orphaned, including a 128 MB block
Source: Pixabay

Bitcoin SV [BSV] and its proponents have been making headlines over the past couple of weeks, either due to developments or because of comments made by its major proponents, Craig Wright, the chief scientist at nChain, and Calvin Ayre.

The network was also hit with several members of the cryptocurrency community alleging that the cryptocurrency itself is a sham without any use cases, as evidenced by its delisting on several popular cryptocurrency exchanges like Binance, Kraken and Shapeshift.

The latest news added salt to BSV’s wounds after it was revealed that the network went through another blockchain reorganization on a 128 MB block. This fact was pointed out by Nikita Zhavoronkov, the lead developer of Blockchair, who had tweeted:

“Whoops! $BSV has experienced yet another reorg, this time 6 (six!) consecutive blocks were orphaned (#578640–578645), this chain included a 128 MB block #578644 🤦‍♂️ The network was basically stuck for 1.5 hours, and this shows that even 6 confirmations are not enough.”

Orphaned blocks are valid blocks which are not part of the main chain. There are ways that they can occur naturally when two miners produce blocks at similar times or they can be a result of an attacker with enough hashing power using it for nefarious activities like reversing transactions.

A major reason why this reorg event made news was that a major 128 MB block was stuck in transaction, something that was not supposed to occur according to the initial claims made by the SV camp. Supporters of the cryptocurrency, however, have stated that despite being slower than promised, the transactions on the block settled faster than that on a Bitcoin Core block.



One supporter of BSV, mboyd1, tweeted:

“Orphaned blocks are a feature, not a bug”

To this tweet, Zyo, another cryptocurrency enthusiast replied:

“yes, but orphaning 6 blocks in a row is not good, that means that 6 confirmations is not safe. It’s a bug because the 100+ MB take way too long to propagate and validate. There is a reason why BCH doesn’t have [yet] 100+ MB blocks.”





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