Travala made more than $100 million in revenue this year, doubling the $59.6 million they raked in last year.
According to the press release, more and more people are utilizing the platform when reserving flights and hotels, with an option to pay for such services in over 100 different cryptocurrencies.
To celebrate this achievement, Travala has created a Cryptocurrency Treasury Reserve, akin to a savings plan. It will hold Bitcoin and their own AVA token, as a part of the company’s plan for the future.
These digital assets are not only core to Travala’s reserves but also integral to its operations, with millions of dollars in travel bookings paid in BTC and AVA annually. Both assets play a crucial role in the loyalty program, allowing users to receive and redeem rewards in these digital currencies.
The Treasury Reserve Plan outlines several major projects that will help Travala’s long-term growth and Web3 adoption. A critical component of the company’s treasury will be stored in BTC and AVA to improve liquidity and assist future growth.
These assets are essential to the AVA Smart Program, which allows users to receive and redeem benefits in both BTC and AVA based on their membership tier, providing a holistic Web3-powered experience. Travala’s addition of BTC and AVA to its reserves underscores its commitment to advancing blockchain innovation and acceptance in the travel sector.
Juan Otero, the CEO of the company, said they hope to use these crypto reserves directly in the future without needing to convert them into cash. This smart move is all about keeping the company strong and ready for long-term growth.
“With our new Treasury Reserve Plan, which includes BTC and AVA, we’re not only fueling future growth but also doubling down on our commitment to shaping the next era of travel,” he said.
Travala was founded in 2017 and has always adopted pro-blockchain technology for faster and safer travel booking. To begin with, they worked with the NEO blockchain but later shifted to Binance Chain in 2019 to make things more efficient.
Presently, the platform bridges the travellers to over 2.2 million places to stay, 400,000 activities, and access to 600 airlines across 230 countries.
The company has come a long way in such a short time. Going back in 2020, revenues reached just $4.4 million. Thanks to the crypto boom, it grew to $41 million in 2021. Though the numbers went up and down, they reached a record this year.
Travala’s AVA token has also had its highs and lows, with the token hitting a new high of $6.45 in 2021. However, the token has since declined, trading at about $0.70 currently, according to CoinMarketCap.
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