The merger between Travala.com and Binance-backed TravelByBit can lead to creating the largest blockchain-based online booking platform. This merger will also help Travala.com expand the reach and use of its native cryptocurrency AVA.
Two of the leading blockchain-based online travel platforms – Travala.com and Binance-backed TravelByBit – announced its strategic merger to expand its roots in the travel industry. Travala.com is a leading blockchain-based accommodation booking platform while the Binance-backed TravelByBit is a crypto-friendly flight booking portal.
Travala.com and Binance-backed TravelByBit Merger
As per the official announcement on May 20, users can book across 2 million hotels worldwide and 600 airlines. As the first step of the merger, both the companies will work towards cross-marketing each other’s products. However, they will also work towards complete integration making it one of the world’s largest online travel agencies.
Both these platforms currently allow users to make payments in cryptocurrencies as well as fiat. Some of the cryptocurrencies supported for payment include Bitcoin, Ethereum, Litecoin, BNB, and BUSD. Additionally, Travala.com has got its native cryptocurrency AVA that offers its users access to several discounts and bonuses. Furthermore, for any bookings made on Travala.com, the user gets 2% additional cashback in AVA.
Founded in 2017, Tralava.com since has been working to aggressively push crypto use in worldwide travel. The platform completely migrated to Binance Chain in 2019 with AVA also being a Binance token. By preserving the core ethos of blockchain technology, Travala.com aims to bring new innovation, transparent pricing and enhanced security to its platform. Speaking on this new merger, Juan Otero, Travala.com CEO, said:
“We couldn’t be more excited to join forces with TravelbyBit, which is backed by Binance and have constantly been achieving and pushing crypto adoption by providing blockchain-based online travel booking services. We share similar values with Binance and TravelbyBit and are fully aligned on our vision for the future of massive cryptocurrency adoption.”
Travala.com’s AVA Token Accepted by CoinGate
In another development, Travala.com’s native crypto token AVA is now part of CoinGate’s crypto payment processing system. As reported by Cointelegraph, CoinGate users can now buy AVA through phone credits, bank transfers, and soon with debit cards.
Being part of CoinGate’s service platform, AVA also gets new functionality as an asset. This means users can now through loyalty rewards and referrals along with access to Travala.com’s monthly bonuses and travel discounts. Nearly 500 merchants all across the globe currently use CoinGate’s payment processing platform.
Also, the CoinGate merchants accepting AVA can settle in fiat currencies and other cryptocurrencies like BTC and ETH. Travala.com CEO Juan Otero commented:
“It’s great to see that AVA holders can now use the digital token to buy a variety of goods and services online, as well as for online travel bookings.”
A Travala.com spokesperson said that this new integration will help AVA to expand outside the firm’s platform. Besides, he added that AVA is a good fit for instant payments as well. “AVA’s is a Binance Chain token with 1 second block times making it a great option for very fast transactions and payments”.
These major announcements from Travala.com come at a time when the travel industry is going through its worst phase. The COVID-19 pandemic lockdown has brought global tourism and travel on a standstill. A majority of travel booking platforms are under severe pressure as the industry could potentially see massive job losses. Recently, the Expedia Group reported its Q1 2020 earning reporting 15% revenue fall.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.