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Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

Queensland, Australia is giving away millions with its Ignite Ideas fund. This week, it posted details regarding the AUD$8.3 million grant ($6.1 million USD). Something like 70 regional companies shared the bounty, including a cryptocurrency startup, Travelbybit, which managed to snag AUD$100,000 on its way to promoting tourism using crypto. 

Also read: Bitcoiners Hope to Have a Friend in Top US Regulator Jay Clayton

Part of Queensland, Australia’s $6.1Mil Goes to Travelbybit

“Tourism is one of Queensland’s most important industries,” Innovation Minister Kate Jones announced. “Travelbybit has devised a clever way to make it easier for visitors to our state to pay for their purchases with a growing number of local businesses accepting cryptocurrency payments.” The company was chosen as part of a larger government initiative, the Advance Queensland Ignite Ideas funding.

Minister Jones continues, “Ignite Ideas was about supporting entrepreneurs from across Queensland to grow their businesses and employ more staff. I understand TravelbyBit is specifically targeting places like Bundaberg – using cryptocurrency to make it easier for tourists to book holidays. That’s why we’ve invested to help them scale-up their operation and ultimately create more jobs in Queensland.”

Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

First Queensland, and Then The World

Queensland, Australia is the country’s third biggest state by population. This week, it posted details regarding the AUD$8.3 million grant ($6.1 million USD). Something like 70 regional companies shared the bounty.

Travelbybit has a point of sale payments application popular with local businesses, restaurants, tour companies, and resorts. It services bitcoin cash (BCH), bitcoin core (BTC), litecoin, ethereum, and NEM. The company has been awarded AUD$100,000 from Ignite Ideas in the hope it will expand even beyond its current stable of merchants.

Queensland, Australia Invests Portion of its $6.1Mil Ignite Ideas Fund in Crypto Startup

Travelbybit CEO Caleb Yeoh noted, “We have more than 150 merchants across Australia using our system and this funding, to develop a purpose-built platform that will accept digital currencies from anywhere in the world, will allow us to add jobs not only directly to our team but also across the broader tourism industry.”

What do you think of Queensland’s decision to target cryptocurrency tourists? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Wikipedia


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Tags in this story
Australia, award, Bitcoin, bitcoin cash BCH, Bitcoin Core (BTC), Bundaberg, Caleb Yeoh, Cryptocurrency, Ethereum, fund, grant, Innovation Minister Kate Jones, litecoin, N-Featured, NEM, payment system, Point of Sale, queensland, Tourism, travel, Travelbybit
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C. Edward Kelso

C. Edward Kelso has written hundreds of articles as a journalist covering a range of topics from international finance, regulation, to cryptocurrency philosophy, interviews with luminaries, and book reviews.