Travala’s AVA token experienced a 300% price increase within an hour after former Binance CEO Changpeng Zhao (CZ) revealed that Binance had invested in the crypto travel platform before the pandemic.
CZ’s tweet highlighted Binance’s continued support for Travala, driving renewed interest in the project.
Travala Achieved $100 Million in Gross Annual Revenue
The announcement coincided with Travala’s milestone of surpassing $100 million in gross annual revenue, a significant jump from $59.6 million in 2023. In its latest post, the company attributed this growth to an increase in flight and hotel bookings, which customers can pay for using over 100 cryptocurrencies.
“We invested in this crypto travel platform pre-COVID, pre-crypto winter, and held on. BUILD,” CZ posted on X (formerly Twitter).
Also, Travala disclosed plans to establish a Bitcoin and AVA reserve, to further develop and progress the industry for blockchain-based travel.
Founded in 2017, Travala.com is a blockchain-based travel booking platform that offers over 3 million travel products across more than 230 countries. It accepts payments from various cryptocurrencies, including its native token, AVA.
Since its inception, Travala has introduced innovations in decentralized travel. In 2021, the platform launched Dtravel, a blockchain-powered competitor to Airbnb. Dtravel offers hosts a stake in the platform, differentiating itself in the peer-to-peer travel market.
Meanwhile, Binance continues to expand its blockchain investments, with Binance Labs backing multiple projects in 2024. Recent initiatives include a partnership with Kernel to build restaking infrastructure on the BNB Chain, integrating tokens like BNB and BTC.
In November, Binance Labs invested in BIO Protocol to advance decentralized scientific research funding. This initiative aims to address key areas such as cryopreservation, women’s health, and mental health through BioDAOs.
Also, in October, Binance Labs backed Lombard, a Bitcoin liquid staking platform. Lombard controls 40% of the Bitcoin liquid staking market. With the latest investment, it’s focusing on expanding its secure multi-chain staking protocol.
These developments underscore Binance’s strategy of supporting innovative projects across diverse sectors in the blockchain ecosystem.
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Mohammad Shahid
https://beincrypto.com/travala-ava-token-surges-binance-investment/
2024-12-12 17:31:26
