Who missed the wealth code again? Web3 "Ctrip" endorsed by CZ surges threefold in midnight rally
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Who missed the wealth code again? Web3 "Ctrip" endorsed by CZ surges threefold in midnight rally
Two days ago, Travala announced its annual revenue had surpassed the $100 million milestone, adding its token AVA and Bitcoin into its strategic reserves.
Navigating Web3 tides with focused insightsBy Leek, Foresight News
In the early hours of December 13, a token named AVA surged 300% within an hour, breaking through the $3 mark from around $0.8, reaching its highest level since October 2021. At the time of writing, the token was trading at $2.6, with a 24-hour gain exceeding 254%.
What caused the obscure AVA token to spike sharply in the middle of the night?
At 11:49 PM on December 12, Changpeng Zhao (CZ), founder and former CEO of Binance, posted a tweet on X: "We invested in this crypto travel platform before the pandemic, before the crypto winter."
Image source: X
The post he retweeted was from Travala, the project behind the AVA token. On December 11, the crypto travel platform Travala announced it had surpassed $100 million in annual revenue—a major milestone—and revealed plans to include its native token AVA and Bitcoin into its strategic reserves.
According to Cointelegraph, Juan Otero, co-founder and CEO of the crypto travel platform Travala, said this milestone reflects significant growth compared to the platform's $59.6 million in revenue in 2023. He explained that the surge was primarily driven by flight and hotel bookings, noting that users can pay for orders using over 100 different cryptocurrencies.
Travala is a platform combining blockchain technology with travel services, aiming to enhance the convenience and transparency of global travel through cryptocurrency payments. Its founder, Juan Otero, held senior roles at several tech companies and startups prior to founding Travala in 2017. Headquartered in the UK, the company was established with the vision of transforming the travel booking industry via blockchain, making travel more convenient, efficient, and cost-effective.
Since its inception, Travala has secured multiple rounds of funding. According to Tracxn data, Travala raised a total of $1.62 million across five seed funding rounds. The largest single round occurred on October 29, 2020, amounting to $1.25 million. Notable investors include Yellow, a Thailand-based institutional investor, and angel investor Mohammad Maaz. Other funding rounds took place between 2019 and 2022, with some amounts undisclosed. CZ also confirmed that Binance invested in the platform back in 2019 or earlier.
Travala’s native token AVA was listed on Binance Exchange in July 2019—one of the key milestones in the project’s development. In addition, AVA is available on several other exchanges, including KuCoin and Gate.io.
In recent years, Travala has made notable progress, including:
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Diversified payment methods: Currently supports over 90 cryptocurrencies, including Bitcoin, Ethereum, and Binance Coin (BNB). It also accepts traditional payment methods such as credit cards and PayPal.
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Product expansion: Expanded from initial hotel bookings to include flights, travel activities, and vacation packages, serving over 220 countries and regions worldwide.
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Partnerships with travel giants: Collaborated with traditional travel leaders like Booking.com and Expedia, offering users broader travel options.
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Community and governance: Launched AVA staking and a smart program, allowing users to earn rewards by staking AVA and participate in platform governance and decision-making.
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Post-pandemic recovery: Introduced an innovative "Travel Points Program" after the pandemic to attract users back to the travel market, and reported that quarterly sales have gradually recovered to pre-pandemic levels.
Citing Travala founder Otero, Cointelegraph reported that with additional resources, Travala expects to hire new staff and launch new incentive programs. Otero added: "Our treasury will be strategically managed; as the crypto ecosystem matures, we aim to directly utilize our crypto holdings when needed, without requiring conversions."
Travala did not disclose the specific amounts of its Bitcoin and AVA reserves upon announcement. However, the founder indicated that as the business and market continue maturing, the platform may consider adding other tokens to its treasury in the future.
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