- Crypto travel platform, Travala.com, recently reported a major revenue increase in May.
- As travel restrictions set in place due to coronavirus pandemic are being lifted, people are traveling again.
- The platform also noted an increase in crypto payments, with 60% of bookings paid with coins.
Travala.com, a travelling website that allows people to book their travels with cryptocurrency, announced yesterday a major revenue increase in May. The monthly revenue increase exceeded 200% when compared to April 2020.
However, while the platform noticed a significant transaction increase, May also saw a massive decrease in room nights booking when compared to March. In fact, March had 60% more room bookings than May 2020. However, May saw a 45.8% increase in room nights booking when compared to April.
The company’s CEO, Juan Otero, stated that the firm saw more use as the restrictions are slowly being lifted around the world. He also added that the platform is very fortunate to see that people are returning to the opportunity to travel, even if it is only locally and for a short period.
Travala also shared data that shows that around 60% of the bookings in May were paid with cryptocurrencies. Bitcoin (BTC) is the most often used coin, and it was used for making 21% of the bookings. Next in line is the company’s own AVA token, which is used for 16% of payments. The remaining 23% includes all other assets that are used for booking trips.
People are now more willing to pay with crypto
Otero also noted that the new findings indicate that people are readier to spend digital coins than before the pandemic. In fact, the past few months also brought a sharp growth of crypto payments on the platform. Anyone can simply go to an exchange, invest in cryptocurrencies, and use them to quickly pay for their booking, with immediate results.
As mentioned, only 60% of the bookings made in May were paid via credit cards or PayPal, while the majority of payments were in crypto. Otero also said that he believes that Travala owes its growth to its support of crypto payments.
In fact, he openly said that the platform likely would not have grown as large as it is if it only supported fiat payments.
“We appeal to a market that has been neglected in travel but is also growing really fast, the crypto enthusiastic so this is helping us grow faster than other [online travel agencies] that rely just on traditional markets,” he said.