Travala’s 2021 Q3 Report Shows Crypto Adoption ‘Offset the Negative Impact of the Pandemic’
The crypto-friendly travel company Travala published its third-quarter 2021 report showing the firm has grown significantly alongside the growth of crypto adoption. In fact, cryptocurrency adoption has “more than offset the negative impact of the pandemic,” the company said as Travala posted a record-setting quarter in Q3 2021.
Crypto Adoption Bolstered Travel Company Travala’s Third Quarter
According to a third-quarter 2021 report published by Travala, the company has seen “explosive growth” in the firm’s three core services: hotels, flights, and activities. In Q3, Travala introduced its “Community Pool” and “Community Vote” concepts alongside its “proof-of-travel” NFTs. Thanks to services like hotels, flights, activities, concierge, and integration fees, Travala’s Q3 revenue was $9.8 million which represents 651% growth compared to Q3 2020.
Travala noted that hotel bookings and flights grew 50% from Q2 2021 and activities increased by 70%. However, the firm’s concierge service saw a decline of 55% which offset the aforementioned increases. The strongest performing service was hotel bookings, but flights had their strongest quarter to date. “Our activities vertical showed strong growth in its second full quarter,” Travala added. “The number of activities booked almost tripled over the previous quarter.”
8% of Travala Clients Paid in Bitcoin, 41% Used Alternative Crypto Assets
In Q3, to pay for hotels, 12% of Travala customers used traditional payments, and 13% used travel credits. 14% of clients leveraged the crypto asset AVA, 12% used the Binance Pay service, 8% paid with bitcoin (BTC), and 41% leveraged alternative crypto assets.
While booking services with Travala 8% of users leveraged the Binance Mini-App, 47.4% used a desktop, and 34.4% used a mobile application. Juan Otero, Travala’s CEO, noted in the 2021 Q3 report that one of the biggest challenges this year was dealing with Covid-19.
“It is hard to overstate how big a challenge Covid-19 has been for our industry. With signs of recovery increasingly starting to take hold, we are witnessing a staggering amount of transformative innovation rising out of the ashes of the pandemic,” Otero said. “Even with the last years being the most challenging on record for the travel industry, Travala.com has grown exponentially as the rise in cryptocurrency adoption has more than offset the negative impact of the pandemic,” the CEO concluded.
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