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The largest drivers of Travala’s annual revenue spike were flight and hotel bookings, which one can pay using 40 cryptocurrencies.
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Cryptocurrency-focused travel agency Travala has announced plans to launch a dedicated Bitcoin reserve as the platform celebrates surpassing $100 million in gross annual revenue.
The milestone reflects significant growth from $59.6 million in 2023, Travala co-founder and CEO Juan Otero said in a Dec. 11 announcement sent to Cointelegraph. The surge was driven primarily by flight and hotel bookings, which can be paid for using more than 40 cryptocurrencies
In addition to the revenue milestone, Travala has introduced a new “Treasury Reserve Plan” in Bitcoin (BTC) and Travala’s native token, Ava (AVA), designed to strengthen its financial foundation and accelerate future growth.
How Travala reached the $100 million revenue mark
Founded in 2017, Travala is a major travel booking platform designed to improve the booking experience by implementing blockchain technology.
Initially operating on the NEO blockchain with its AVA token, Travala announced it would migrate its platform to the Binance Chain in late 2019.
Travala announced migration to the Binance Chain in December 2019. Source: Travala
As of 2020, Travala’s annual revenue amounted to $4.4 million, jumping 830% to 41 million in the coming year amid the bull market of 2021.
Travala’s Ava token also hit an all-time high of $6.45 in April 2021, subsequently dropping below $2 by December 2021. At the time of writing, AVA is trading at around $0.7, up around 19% over the past year, according to CoinGecko.
AVA market capitalization since 2018. Source: CoinGecko
After reaching $41 million, Travala’s gross yearly revenue surged to $60.5 million in 2022 but dropped slightly to $59.6 million in 2023.
Related: Virgin Voyages launches ‘first cruise product to accept Bitcoin’
Its latest $100 million milestone came amid Bitcoin smashing $100,000 for the first time on record on Dec. 5.
Additional resources from the BTC reserve
According to the Travala CEO, the company’s treasury reserve plan in Bitcoin and Ava will provide the company with additional financial resources in the future to realize these long-term goals.
Travala co-founder and CEO Juan Otero. Source: The Street
With more resources at its disposal, Travala expects to introduce new hires and launch new incentives on its platform, Otero told Cointelegraph, adding:
“Treasury funds will be strategically managed; as the crypto ecosystem continues to mature, our hope is that we will be able to directly use our crypto reserves when necessary without the need for conversion.”
Travala didn’t disclose the amount of its Bitcoin and Ava reserve at launch.
“Introducing other tokens to the treasury may be considered in the future as both the business and market continue to mature,” the CEO said.
Magazine: BTC hits $100K, Trump taps Paul Atkins for SEC chair, and more: Hodler’s Digest, Dec. 1 – 7
This article first appeared at Cointelegraph.com News
