Rejected: Binance Teams up with TravelbyBit to Launch Crypto-Backed Cards that Will be Issued to travelers

As contained in a report dated November 28 on Binance blog, the largest cryptocurrency exchange by daily trading volume has strategically joined hands with TravelbyBit, a travel booking platform, to launch crypto-backed cards that will be issued to travelers which will be released in early quarter of 2020. It is deemed to start with travelers in ASEAN (Association of Southeast Asian Nations), Europe, and Australia. It will gradually be made available to more countries.

This partnership is meant to foster mainstream adoption of cryptocurrencies as a form of payment, just like traditional methods by travel booking platforms.

Caleb Yeoh, CEO of TravelbyBit, said that even though platforms that use cryptocurrencies usually place high premium charges, TravelbyBit plan to make cryptocurrency useable, foster adoption, and incentivize it for early adopters to enjoy.

“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," Yeoh said.

According to the report, the reward card will play the role of a traditional prepaid debit card with incentives for exclusive discounts and deals. Users have the opportunity to load their travel cards with BNB, BTC, BUSD, and ONT, which is possible through any of the travel sites: Agoda, Booking.com, Ctrip, Expedia, and TravelbyBit.com.