Binance-backed travel website Travala's Q2 revenue rose 141% over the previous three months amid a rebound in global travel, the company said in a report.
The London-based company generated $9.8 million in revenue from April to June, which was also a whopping increase from the $274,718 it generated in the same period last year when the coronavirus pandemic kept people home. In the Q2 report, Travala also attributed the strong performance to "strategic initiatives, optimisations and partnerships" that have broadened its offerings and improved service.
The Q2 result also signaled a wider embrace of the company's blockchain-based travel booking platform after Travala generated only $249,365 in revenue for Q2 2019, a year prior to the pandemic's onset. Co-founder and CEO Juan Otero told CoinDesk in an email that he was heartened by the improvement and expects 2021 revenue to be seven to eight times higher than last year's.
Travala, which accepts over 40 cryptocurrencies, Binance Pay and fiat payment forms, allows guests to purchase hotel stays, flights and experiences directly through its platform. According to data from Travala, crypto purchases account for approximately 70% of the platform’s business.
“Travala.com has been through some challenging times,” Otero said in a written response to CoinDesk questions. ”Now we are starting to see travel rebound and all the hard work we’ve done is starting to pay off. We’re extremely optimistic about travel coming back stronger than ever.”
While hotels account for the largest share of Travala’s revenue, it expanded its flight offerings following a merger with competitor TravelbyBit in May 2020. An existing partnership with tour and activity provider Viator is expected to help Travala increase its revenue.
Otero said Travala plans to find new partners within the crypto industry and traditional travel sector as part of wider expansion plans. Travala is also developing a concierge service that will cater to crypto-VIP and corporate clients looking for crypto-paid luxury travel experiences.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.