The global tourism industry came to a standstill after governments around the world announced strict quarantines and closures to prevent the spread of VOCs-19.
At Unitize’s virtual blockchain conference on July 6, Juan Otero, co-founder and CEO of Binance-backed online crypto travel agency Travala, said the platform experienced a sharp drop in Bitcoin Era booking volumes.
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Otero said that, until February, Travala was seeing exponential growth with a consistent increase in reserve volumes. But when the coronavirus pandemic reached crisis levels, the company saw an 80-90% drop in total reserves in a few weeks.
Is recovery just around the corner?
However, it seems that Travala may already be ready to recover. Otero specified that in May, the company witnessed a 200% month-on-month growth, while last month, it recorded a 160% growth in hotel reservations by domestic travelers. This, Otero mentioned, was almost twice as much as the business they were bringing in during the same time last year.
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He estimated that it will not be until September or October that they will finally see a recovery of the international reserves in Travala.
Making crypto currencies popular in the tourism industry
In a recent announcement, Travala revealed its partnership with leading travel booking platform Expedia, which will allow users to pay for any of the 700,000 hotels listed on the platform in more than 30 crypto currencies. Travala also has a partnership with Booking.com.
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According to Otero, the platform currently allows its users to book over two million properties in 230 countries.
Travala has also signed an agreement with TravelByBit, a crypto flight booking service, to further expand its travel services.