Crypto adoption offsets effects of the pandemic on a travel company
The third quarter 2021 report of Travala travel company shows a significant growth in the firm alongside cryptocurrency adoption growth.
Covid-19 has been a big challenge for the travel industry. However, leveraging the immense potential of cryptocurrency and blockchain in the travel space, Travala has seen exponential growth that has offset the pandemic’s negative impact.
Travala’s CEO, Juan Otero, noted in the 2021 Q3 report that the rise in cryptocurrency adoption led to explosive growth in the firm’s three core verticals of flights, hotels, and activities. The company took the first steps towards decentralization in Q3.
Travala’s Q3 2021 total revenue was $9.8 million, representing a 651% growth over the same period in 2020. Activities grew by more than 70%, while flights and hotels grew by nearly 50%. AVA, a multichain token based on Binance Smart Chain, Binance Chain, and Ethereum Blockchain, was the top payment option followed by Bitcoin (BTC).
Transformative innovation from the pandemic’s ashes
Otero pointed out that as recovery signs increasingly take hold, staggering amounts of transformative innovation are rising from the ashes of Covid-19. The world of travel is changing at an astonishing pace, and Travala is perfectly positioned for cryptocurrency innovations adoptions in travel.
Travala designed its Mini-App (mini-application) to integrate into top-tier crypto exchanges, metaverses, and wallets. The crypto-friendly travel firm completed the first integration of the app in 2021’s second quarter with Binance, the leading cryptocurrency exchange in the world.
Through the Mini-App, customers can pay with a wide range of cryptocurrencies directly from Binance Exchange wallets. Binance supports payments in over 30 cryptocurrencies, and this has quickly driven more bookings in the company than any individual token.
Travala expects the trend to continue. According to the CEO, the company will continue to invest heavily in expanding its reach and improving the travel booking experiences of crypto travelers worldwide.
Token integration partnerships
The third quarter of 2021 also saw Travala partner with various token communities and enable token integrations. These include OM, KLV, VIB, SUPER, XVG, CHR, KISHU, and FUN. Tokens from each of these communities can now be used to pay for millions of travel products, including flights, hotels, and activities.
Customers in these token communities can also book corporate travel services like business trips and company retreats as part of Travala’s concierge offering. Travala also established itself as a premier travel partner for various cryptocurrency and blockchain-focused events in Q3, including Token2049 in London and the Block World Tour in Motril.