Key Takeaways:
- AVA token skyrocketed 305% after Binance CEO CZ disclosed the exchange’s pre-pandemic investment in Travala.
- Travala’s annual revenue surpassed $100 million, a significant jump from $59.6 million the previous year.
- Binance Labs continues to expand its blockchain portfolio, backing innovative projects like Kernel and BIO Protocol.
Cryptocurrency-powered travel platform Travala witnessed a meteoric 305% rise in its AVA token’s value after former Binance CEO Changpeng Zhao (CZ) revealed Binance’s early-stage investment in the company. The announcement coincided with Travala hitting a record $100 million in annual revenue, up from $59.6 million the year before. This growth was fueled by a surge in flight and hotel bookings, with users now able to pay using over 100 cryptocurrencies.
👉 Discover how Travala is revolutionizing travel with crypto payments
Travala’s Revenue Milestone and Treasury Reserve Plan
Travala achieved its $100 million revenue milestone on the same day Bitcoin reached an all-time high of $100,000. To bolster its financial stability, Travala introduced a Treasury Reserve Plan, incorporating its AVA token and Bitcoin (BTC). CEO Juan Otero emphasized that this plan is designed to drive future expansion and enhance the platform’s travel offerings.
"We invested in this crypto travel platform pre-COVID, pre-crypto winter, and held on. BUILD!"
— CZ 🔶 BNB (@cz_binance) December 12, 2024
Travala’s Evolution and Strategic Partnerships
Founded in 2017, Travala began as a blockchain-based travel booking platform on the NEO blockchain. In late 2019, it migrated to Binance Chain to leverage faster transactions and lower fees. The platform’s revenue growth has been remarkable:
- 2020: $4.4 million
- 2021: $41 million (830% growth)
- 2022: $60.5 million
- 2023: $59.6 million
In September 2024, Travala partnered with Skyscanner, expanding its hotel inventory to 2.2 million properties and enabling crypto payments for bookings.
AVA Token Performance
- All-Time High: $6.45 (April 2021)
- Current Price: ~$3.12 (19% yearly increase)
Binance Labs’ Expanding Blockchain Portfolio
Binance Labs has been actively investing in cutting-edge blockchain projects:
- Kernel: Developing restaking infrastructure on BNB Chain to integrate assets like BTC and BNB.
- BIO Protocol: Supporting decentralized funding for scientific research via BioDAOs, focusing on women’s health and mental health.
- Lombard: A Bitcoin liquid staking platform controlling 40% of the market, aiming to expand its multi-chain protocol.
👉 Explore Binance Labs’ latest blockchain investments
FAQ Section
Why did Travala’s AVA token surge 305%?
The price surge followed CZ’s disclosure of Binance’s pre-pandemic investment in Travala, coupled with the company’s $100 million revenue milestone.
How does Travala’s Treasury Reserve Plan work?
The plan allocates reserves in AVA and BTC to strengthen Travala’s financial foundation and support future growth initiatives.
What partnerships has Travala secured recently?
Travala integrated with Skyscanner in 2024, enabling crypto payments for 2.2 million hotels worldwide.
What is Binance Labs’ focus in 2024?
Binance Labs is investing in restaking infrastructure (Kernel), decentralized research funding (BIO Protocol), and Bitcoin liquid staking (Lombard).
How has Travala’s revenue grown over the years?
Travala’s revenue grew from $4.4 million in 2020 to $100 million in 2024, driven by crypto adoption and strategic partnerships.