Cryptocurrency exchange Binance has teamed up with travel booking platform TravelbyBit to unveil a new travel rewards card.

The card, known as TravelbyBit Travel Card, is backed by cryptocurrency. It can be used to make crypto payments on major travel web booking platforms.

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The card can be used by cardholders as a simple prepaid debit card. Additionally, they can also avail of exclusive travel discounts and deals.

The card can be loaded with a number of cryptocurrency that includes BUSD, BNB, BTC, and ONT.

These cryptocurrencies can be spent on booking flights and hotels via travel sites such as Expedia, Booking.com, Ctrip, Agoda, and TravelbyBit.com.

Commenting on the launch of the new card, TravelbyBit CEO Caleb Yeoh said: “Many businesses that accept crypto for their services charge users a high premium, which poses a significant barrier to adoption.

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“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.”

The travel rewards card has been developed by TravelbyBit in association with the Binance development team.

The card is scheduled to be debuted in early 2020 for travellers in Australia, and Europe, along with ASEAN countries. It will be rolled out in more countries in the future.