Foresight News
Two days ago, Travala announced that its annual revenue has exceeded the $100 million milestone, and it will include its token AVA and Bitcoin in its strategic reserves.
Author: Leek, Foresight News
In the early hours of December 13, the price of a token called AVA surged 300% in one hour, breaking through the $3 mark from around $0.8, reaching its highest level since October 2021. As of the time of writing, the token is priced at $2.6, with a 24-hour increase of over 254%.
What caused the little-known AVA token to skyrocket in the middle of the night?
At 11:49 pm on December 12, Binance founder and former CEO CZ posted a tweet on the X platform: "We invested in this crypto travel platform before the pandemic and crypto winter."
The tweet he shared was about the AVA token project Travala. On December 11, the crypto travel platform Travala announced that it had reached the $100 million annual revenue milestone and would include its token AVA and Bitcoin in its strategic reserves.
According to Cointelegraph's report, Travala co-founder and CEO Juan Otero said this milestone reflects significant growth compared to the platform's $59.6 million revenue in 2023. He explained that the surge was mainly driven by flight and hotel bookings, as the platform allows payment in over 100 cryptocurrencies.
Travala is a platform that combines blockchain technology and travel services, aiming to facilitate the convenience and transparency of global travel through cryptocurrency payments. Its founder is Juan Otero, who held senior positions in several tech companies and startups before founding Travala in 2017, headquartered in the UK. Its original intention was to revolutionize the travel booking industry through blockchain technology, making travel more convenient, efficient, and economical.
After its establishment, Travala has received multiple rounds of financing. Tracxn data shows that Travala has raised a total of $1.62 million through five rounds of seed funding, with the largest round of $1.25 million occurring on October 29, 2020. Notable investors include Thailand-based institutional investor Yellow and angel investor Mohammad Maaz. Other rounds of financing were concentrated between 2019 and 2022, with some undisclosed funding amounts. CZ also revealed that Binance had invested in the platform in 2019 or earlier.
Travala's native token AVA was listed on the Binance exchange in July 2019, which was an important milestone in the project's development. In addition, AVA has also been listed on multiple exchanges, including Kucoin and gate.io.
Travala has made some progress in the past few years, mainly including:
Diversified payment methods: Currently supports payment in over 90 cryptocurrencies, including Bitcoin, Ethereum, and BNB. It also supports traditional payment methods such as credit cards and PayPal.
Product expansion: From the initial hotel booking to flight booking, travel activities, and vacation packages, covering more than 220 countries and regions worldwide.
Cooperation with travel giants: Travala has established partnerships with traditional travel giants such as Booking.com and Expedia, providing users with more travel options.
Community and governance: Launched AVA Staking and Smart Program, allowing users to earn rewards by staking AVA and participate in platform governance and decision-making.
Post-pandemic recovery: After the pandemic, Travala launched an innovative "travel rewards program" to attract users back to the travel market and announced that quarterly sales have gradually recovered to pre-pandemic levels.
According to Otero, Travala's founder, with more resources, Travala plans to hire new employees on its platform and launch new incentive measures, and added: "The treasury funds will be strategically managed; as the crypto ecosystem continues to mature, we hope to be able to use our crypto reserves directly when necessary, without the need for conversion."
Travala did not disclose the amount of its Bitcoin and AVA reserves when it was launched. But its founder said that as the business and market continue to mature, it may consider introducing other tokens into the treasury in the future.
Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
