What Happened: Cryptocurrency holders have started getting more real-world usage out of the rapidly growing asset class.
In a recent report from CNBC, Johannes Reck, CEO of Berlin-based travel agency GetYourGuide, reasoned that cryptocurrency transactions would really matter for travel going forward.
What Happened: His company began accepting Dogecoin (CRYPTO: DOGE) as a means of payment in June following its expansion in the U.S. It also expects to support other coins in the near future.
“People want to put their crypto back into the system [and] travel is one of the biggest categories there is,” he said.
“We take dogecoin now into the real world; you can apply it and actually get a real-world, kinetic experience.”
Why It Matters: A number of travel companies like Cheapair.com, Air Baltic, and Richard Branson’s Virgin Galactic Holdings Inc (NYSE:SPCE) began Bitcoin (CRYPTO: BTC) a few years ago, but the recent hype around the industry has likely led to the emergence of even more crypto-focused players.
For instance, Nevada’s new Resorts World Las Vegas takes crypto for select payments through a partnership with Winklevoss-owned crypto exchange Gemini.
Even Expedia, which stopped accepting direct Bitcoin payments back in 2018, partnered with crypto-friendly blockchain-based agency Travala.com earlier this year.
Read also: Bitcoin And Dogecoin Will Rise As US Dollar Is Dying: Rich Dad Poor Dad Author Robert Kiyosaki
Travala accepts payment in its own crypto token AVA (CRYPTO: AVA) and 50 other cryptocurrencies. The company reported seeing over $1 million a week in business, where 70% of all bookings are made in digital currency.
“These are massive partnerships with some of the world’s biggest online travel brands, all of whom are embracing crypto,” said the firm’s CEO Juan Otero.
“Altogether, Travala.com offers over 3 million travel products, making us not just the biggest crypto-friendly [online travel agency], but one of the largest overall.”
Price Action: At press time, the leading digital asset Bitcoin was trading at $38,052, down by 1.85% over the past 24-hours.
Meanwhile, Dogecoin is up 3.68% and standing at $0.195.