Title: “Web3 ‘Ctrip’ AVA Token Soars After Binance’s Changpeng Zhao’s Tweet”
Original author: Leek, Foresight News
On December 13, the price of the AVA token, a little-known cryptocurrency, rose by 300% in one hour, briefly reaching $3 before settling at $2.6, its highest price since October 2021.
Over the past 24 hours, the token’s price has increased by over 254%. The sudden surge in the AVA token’s price is attributed to a tweet by Binance founder and former CEO Changpeng Zhao. At 11:49 pm on December 12, he posted, “We invested in this crypto travel platform before the epidemic and the cryptocurrency winter.” The tweet was a reference to the Travala project, for which the AVA token is used.
On December 11, Travala, a cryptocurrency-based travel platform, announced that its annual revenue exceeded the $100 million mark. As a result, its tokens AVA and Bitcoin were included in the platform’s strategic reserves. According to Cointelegraph, Juan Otero, the co-founder and CEO of Travala, explained that the milestone reflects a significant increase compared to the platform’s $59.6 million revenue in 2023.
He attributed the surge mainly to flight and hotel bookings, as the platform can process orders using over 100 cryptocurrencies. Travala is a platform that combines blockchain technology and travel services to offer convenience and transparency in global travel through cryptocurrency payments. Its founder is Juan Otero, who has held senior positions in various technology companies and entrepreneurial projects.
In 2017, Otero founded Travala, which is headquartered in the UK. The platform aims to revolutionize the travel booking industry through blockchain technology, making travel more convenient, efficient, and economical. Since its establishment, Travala has raised a total of $1.62 million through five rounds of seed financing.
The largest round of financing occurred on October 29, 2020, amounting to $1.25 million. Notable investors include Thailand-based institutional investor Yellow and angel investor Mohammad Maaz. Other rounds of financing took place between 2019 and 2022, with some financing amounts undisclosed. Binance also invested in the platform in 2019 or before.
AVA was listed on the Binance exchange in July 2019, which is one of the important milestones in the development of the project. The token is also listed on multiple exchanges, including KuCoin and Gate.io. Over the past few years, Travala has made progress in several areas:
1. Diversified payment methods: Currently, the platform supports over 90 cryptocurrency payments, including Bitcoin, Ethereum, and BNB.
Traditional payment methods like credit cards and PayPal are also supported. 2. Product expansion: Travala has expanded its services from initial hotel reservations to comprehensive services such as air ticket reservations, travel activities, and vacation packages, covering more than 220 countries and regions around the world.
3. Cooperation with travel giants: Travala has established partnerships with traditional travel giants like Booking.com and Expedia, providing users with richer travel options. 4. Community and Governance: Travala launched AVA Staking and Smart Program, allowing users to earn rewards by staking AVA and participate in the platform’s governance and decision-making.
5. Post-epidemic recovery: Travala introduced an innovative “travel points program” after the epidemic to attract users back to the travel market and announced that quarterly sales will gradually return to pre-epidemic levels. Otero stated that with more resources, Travala is expected to recruit new employees and launch new incentives on its platform.
He added, “Treasury funds will be strategically managed; as the crypto ecosystem grows and continues to mature, we hope to be able to use our crypto reserves directly when necessary, without the need for conversion.”
Travala did not disclose the amount of its Bitcoin and AVA reserves at launch. However, its founders mentioned that as the business and market continue to mature, they may consider introducing other tokens to the vault in the future.
Source
<p>The post AVA Token Surges 300% After Binance’s CZ Announces Investment in Blockchain Travel Platform Travala first appeared on CoinBuzzFeed.</p>
