2024-12-13 00:01:22
Travala Token (AVA) surges 300% following CZ’s endorsement and Binance’s early investment
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Former Binance chief executive Changpeng Zhao (CZ) remains an influential voice within crypto circles. That emerged recently when CZ’s tweet about a leading crypto-centered travel platform saw its token rise exponentially within an hour. The crypto billionaire’s tacit endorsement of Travala on X spurred a 300% spike in the platform’s AVA token price. CZ was responding to Travala’s post celebrating a significant milestone in its revenues. His tweet came out as a tacit endorsement of Travala renewing interest in it. His post went: We invested in this crypto travel platform pre-COVID, pre-crypto winter, and held on. BUILD. ~Changpeng Zhao In 2024, Travala grew its 2023 gross revenue by over 67% Travala has made big strides in consolidating its position within the crypto-travelling/hospitality niche. In 2024, for instance, it recorded annual revenues of over $100 million, a massive jump from the $59.6 million it earned in 2023. The firm attributes that spike to an uptick in flight and accommodation bookings on its platform. Users can make reservations for these services in 100+ cryptocurrencies. Buoyed by this result, Travala announced it would be setting up its Bitcoin and AVA reserves. It says that the move was vital in expanding its financial muscle. With these additional funds, the company intends to strengthen its foothold within the blockchain-based travel industry and enhance its incentives program. The firm has pushed innovation in the travel sector Travala has always championed innovation in the travel sector. For instance, it pioneered crypto bookings using different digital assets. It also introduced Dtravel, a decentralized alternative to Airbnb. Unlike other P2P travel market services, Dtravel hosts have a share in the platform. Meanwhile, Binance is ramping up its blockchain investments. This year alone, its investment arm Binance Labs, undertook various major projects. One of these is its collaboration with Kernel to develop restaking infrastructure on its BNB Chain. This infrastructure will support the integration of tokens like BTC and BNB. Again, Binance pivoted into decentralized scientific research by investing in the BIO Protocol to expand funding in the area. It also funded Lombard, which specializes in Bitcoin liquid staking. These developments highlight its commitment to supporting new projects across the blockchain ecosystem. From Zero to Web3 Pro: Your 90-Day Career Launch Plan