According to a recent report by one of the world’s largest cryptocurrency exchanges, Binance, the exchange has just partnered up with TravelbyBit, a travel booking platform. The goal of the partnership appears to be the release of a new, crypto-backed travel rewards card, also known as TravelbyBit Travel Card.
As the name suggests, the card will be backed by digital currencies, which can serve for making payments on multiple travel booking platforms. The concept is pretty simple — the card would act as a prepaid debit card, and its users will get to enjoy certain discounts and limited deals.
According to what is known, users will have the ability to deposit several different cryptocurrencies on the card, including BTC and BNB, but also ONT and BUSD.
Crypto travel card to drive adoption of digital currencies
According to Caleb Yeoh, the CEO of TravelbyBit, there will be a number of businesses that will accept crypto payments via the card. Some of them include Ctrip, Expedia, Booking.com, Agoda, as well as TravelbyBit itself.
Yeoh stated that numerous crypto-friendly businesses tend to charge a high premium to crypto users, which stands in the way of adoption. This is why the company decided to make this move, and make digital currencies useable. That way, people would have an incentive to use digital currencies, and further drive the adoption.
As mentioned, the company partnered with Binance to work on the card’s development. The exchange’s experience with digital currencies — as well as sound reputation — would certainly help with the product. The card will likely be ready for its debut at some point in early 2020.
Initially, it will only be available for Australians and Europeans, as well as ASEAN countries. If successful, it is likely that the company will expand its reach to include additional countries, as well. Interested users can already pre-register for the card here.