The global tourism industry came to a standstill after governments around the world announced quarantines and strict closings to prevent the spread of COVID-19.
At the Unitize Virtual Blockchain conference on July 6th Juan Otero, co-founder and CEO of online crypto agency Travala, supported by Binance, said the platform saw a sharp drop in booking volume.
Otero explained that Until February, Travala saw exponential growth with a steady increase in reserve volume. However, when the coronavirus pandemic reached a crisis level, the company saw an 80-90% decline Total bookings in a few weeks.
Relaxation is just around the corner?
However, it appears that Travala is already ready to recover.. Otero said the company grew 200% month-to-month in May Last month they saw 160% growth in hotel bookings for domestic travelers. Otero mentioned that this was almost twice as much as the business they ran at the same time last year.
He appreciated that Only in September or October will the international reserves in Travala finally recover.
Make cryptocurrencies popular in the tourism industry
In a recent announcement, Travala announced its partnership with the leading travel booking platform ExpediaThis allows users to pay for any of the 700,000 hotels listed on the platform in more than 30 cryptocurrencies. Travala also has a partnership with Booking.com.
According to Otero The platform currently enables its users to book more than two million properties in 230 countries.
Travala has also signed an agreement with TravelByBit, a crypto flight booking serviceto further expand its travel services.
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