Travala’s AVA Token Jumps 305% After Changpeng Zhao Disclosed Binance Investment
Highlights:
- Travala’s AVA token surged 305% after CZ revealed Binance’s pre-pandemic investment.
- Travala achieved $100 million in revenue, up from $59.6 million last year.
- Binance Labs expands investments, supporting blockchain projects like Kernel and BIO Protocol.
Cryptocurrency-focused travel agency Travala ’s AVA token experienced a 305% price increase within hours after former Binance CEO Changpeng Zhao (CZ) disclosed that the Binance exchange had invested in the Travala before the COVID pandemic and the crypto winter. This news came as Travala achieved over $100 million in annual revenue, up from $59.6 million in the previous year.
The company credited the growth to increased flight and hotel bookings, with customers now able to pay using more than 100 cryptocurrencies. Travala reached its $100 million milestone on the same day Bitcoin hit a record $100,000 on December 5.
We invested in this crypto travel platform pre-COVID, pre-crypto winter, and held on. BUILD! https://t.co/q40IZ4xfM3
— CZ 🔶 BNB (@cz_binance) December 12, 2024
In addition to this revenue milestone, the traveling platform has introduced a new “Treasury Reserve Plan.” This plan includes Travala’s AVA token and Bitcoin (BTC). The goal is to strengthen its financial foundation and support future growth. Travala CEO Juan Otero celebrated this milestone, stating it’s just the start. The Treasury Reserve Plan is designed to drive future growth and support the company’s long-term goals, including expanding its travel offerings.
In September, Travala partnered with Skyscanner to offer crypto payments for hotel bookings. This expanded Travala’s inventory to 2.2 million hotels.
Travala’s Growth and Milestones
Travala was founded in 2017 as a travel booking platform. It aimed to improve booking using blockchain technology. Initially, it used the NEO blockchain and its AVA token. In late 2019, Travala decided to migrate its platform to the Binance Chain. In 2020, Travala earned about $4.4 million. This grew by 830% to $41 million during the 2021 bull market. In 2022, the company’s revenue rose to $60.5 million but slightly declined to $59.6 million in the previous year.
Travala’s AVA token reached an all-time high of $6.45 in April 2021. However, by December 2021, it fell below $2.00. Currently, AVA is trading around $3.12. It has risen about 19% over the past year, according to CoinMarketaCap.
Binance Expands Blockchain Investments with Key Projects
Binance is expanding its investments in blockchain. This year, Binance Labs, the company’s investment division, initiated several key projects. One such project is its collaboration with Kernel. They are building restaking infrastructure on the BNB Chain, which will enable the integration of tokens like BTC and BNB.
In November, Binance Labs invested in the BIO Protocol to support decentralized funding for scientific research. This project focuses on important areas like women’s health, cryopreservation, and mental health through BioDAOs. Additionally, in October, Binance Labs supported Lombard, a Bitcoin liquid staking platform. Lombard controls 40% of the Bitcoin liquid staking market. With this new investment, it aims to grow its secure multi-chain staking protocol.
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Syed Ali Haider
Syed Ali Haider is a contributing crypto writer for Crypto2Community. He is a crypto and blockchain journalist with over six years of experience. Syed Ali is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years. Haider has been featured in a number of high-profile crypto and finance outlets, including Coincult and more.
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