Travala’s AVA token saw a 300% price surge in just one hour after former Binance CEO Changpeng Zhao (CZ) revealed that Binance invested in the crypto travel platform before the pandemic.
CZ's tweet highlighted Binance's continued support for Travala, leading to renewed interest in the project.
Travala has generated $100 million in total annual revenue.
The announcement coincides with Travala hitting a milestone of surpassing $100 million in annual revenue, a significant jump from $59.6 million in 2023. In its latest blog post, the company attributed the growth to an increase in flight and hotel bookings, which customers can pay for using more than 100 cryptocurrencies.
“We invested in this crypto travel platform before COVID, before the crypto winter, and we stuck with it. BUILD,” CZ said in a post on X (formerly Twitter).
Travala also revealed plans to create a reserve of Bitcoin and AVA, to develop and advance the blockchain-based travel industry.
Founded in 2017, Travala.com is a blockchain-based travel booking platform offering over 3 million travel products across 230+ countries. It accepts payments in various cryptocurrencies, including its native token AVA.
Since its inception, Travala has been innovating in decentralized travel. In 2021, the platform launched Dtravel, a blockchain-powered Airbnb competitor. Dtravel offers hosts a stake in the platform, setting it apart in the peer-to-peer travel market.
Meanwhile, Binance continues to expand its blockchain investments, with Binance Labs supporting multiple projects in 2024. Recent initiatives include a partnership with Kernel to build re-staking infrastructure on BNB Chain, and the integration of tokens like BNB and BTC.
In November, Binance Labs invested in BIO Protocol to boost decentralized scientific research funding. The initiative aims to address key areas such as cryopreservation, women’s health, and mental health through BioDAOs.
Also, in October, Binance Labs backed Lombard, a Bitcoin liquid storage platform. Lombard controls 40% of the Bitcoin liquid storage market. With the latest investment, it is focused on expanding its cross-chain secure storage protocol.
These developments underscore Binance’s strategy to support innovative projects across diverse sectors in the blockchain ecosystem.