As an analyst with over two decades of experience in the tech and finance industry, I find Travala’s recent milestone of surpassing $100 million in annual revenue quite impressive. The company’s strategic use of blockchain technology and cryptocurrencies to revolutionize travel booking has been a game-changer in the industry.
Travel agency specializing in cryptocurrencies, Travala, unveiled its intention to establish a separate Bitcoin savings account, marking the occasion of the platform exceeding $100 million in yearly gross income.
As an analyst, I’m sharing an exciting development: The milestone signifies substantial progress from a revenue of $59.6 million in 2023, a fact underscored by Juan Otero, the co-founder and CEO of Travala, in a communication dispatched on December 11th. This impressive growth can primarily be attributed to the surge in flight and hotel bookings, a service we offer that can be conveniently paid for using over 40 different digital currencies.
Apart from achieving its earnings target, Travala recently unveiled the “Reserve Fund Strategy” which involves holding reserves in both Bitcoin (BTC) and its own token, Ava (AVA). This strategy aims to bolster Travala’s financial structure and speed up future development.
How Travala reached the $100 million revenue mark
Established in 2017, Travala functions as a significant travel reservation service, enhancing user experience through the application of blockchain technology.
At first, Travala functioned on the NEO blockchain using its AVA token. However, they declared their intention to transfer their platform over to the Binance Chain towards the end of 2019.
In the year 2020, Travala’s yearly income was approximately $4.4 million. However, this figure skyrocketed by an impressive 830%, reaching a staggering $41 million in the subsequent year of 2021, during the booming cryptocurrency market.
In April 2021, the Ava token from Travala reached a record high of $6.45. However, it fell below $2 by December 2021. Currently, AVA is being traded around $0.7, showing an approximately 19% increase over the past year, as per CoinGecko’s data.
In 2022, the annual income of Travala rose significantly from $41 million to an impressive $60.5 million, however, it experienced a slight decrease the following year, dropping to $59.6 million in 2023.
The company achieved its recent milestone of $100 million while Bitcoin surpassed $100,000 for the first time ever on December 5th.
Additional resources from the BTC reserve
The Travala CEO states that the company’s strategy of holding reserves in Bitcoin and Ava is intended to secure extra financial means for achieving its long-term objectives in the future.
As a crypto investor, I’m excited about the prospects of Travala, as they plan to expand their team with new hires and roll out enticing incentives on their platform. This was shared by a representative, who spoke to CryptoMoon.
“Treasury funds will be strategically managed; as the crypto ecosystem continues to mature, our hope is that we will be able to directly use our crypto reserves when necessary without the need for conversion.”
Travala didn’t disclose the amount of its Bitcoin and Ava reserve at launch.
The CEO mentioned that it’s possible we might add new assets to our reserves, depending on how our business and market evolve further.
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2024-12-11 15:35