Various aspects of the global economy have taken significant hits since the coronavirus pandemic began, and the travel industry has been no different. With tourism and transport between countries now impossible, several parts of the global travel space – including hotels, airliners, booking firms, etc. – have seen eroded business. However, crypto travel site Travala appears to be immune to this trend.
The Perfect Time to Return
In a recent announcement, Travala announced that it saw a 45.8 percent increase in the number of rooms booked on its platform for May. The firm further added that its monthly revenues jumped by 205 percent in May compared to April, although the month’s metrics are still a 60 percent far cry from its March levels. Juan Otero, the firm’s chief executive, explained that they had seen increased use, especially since authorities have begun to ease lockdowns, and domestic travel is improving once more.
Speaking with Cointelegraph, he added, “We’re fortunate to see our users coming back as soon as they have the opportunity to travel again, even if it is just locally or for short weekends nearby. […] The increase is mainly driven by domestic travel.”
Travala added that 60 percent of the bookings made on its platform last month were processed in digital assets. Bitcoin payments accounted for 21 percent of all payments made, while the firm’s AVA token accounted for 16 percent. The remaining 23 percent comprised of other digital assets.
Otero added that crypto payments have become more attractive to people, and Travala is seeing this manifest. At the same time, he credited the firm for providing a seamless crypto payment channel that allows ease of payment and quick transactions.
The growth is indeed coming when there seems to be a resurgence in travel across the United States. The Financial Times reported last month that vacation homes in reopened states like Georgia and Florida had begun to open up. At the same time, Florida alone saw up to a 90 percent increase in new rental bookings year-on-year in May. As more states open up, travel-related firms should see surging order numbers.
Travala Grows Even Bigger
The firm itself has been on a significant growth push recently, as it hopes to consolidate the crypto travel industry. Last month, the firm announced that it had merged with TravelByBit, a flight booking website which, as its name suggests, allows customers to book their flights using digital assets seamlessly.
Both Travala and TravelByBit have financial backing from top crypto exchange Binance. By merging, they will provide users with a one-stop platform for fight bookings, room reservations, and several other transportation amenities.
A representative for the firm also explained that they have high hopes for the new venture. In part, he said:
“The merged platform is forecasting next 12-month revenue levels in excess of US $10 million based on the existing growth traction in travel bookings prior to COVID-19 pandemic travel restrictions being put in place.”
The firms also touted their merged platform, explaining that it will provide a better and more seamless experience than any traditional alternative. In part, they pointed out the wide array of payment options and tokenized reward system. Of course, the fact that they’re targeting crypto and blockchain users is a benefit as well.