August 19 saw Travala.com prove further its dedication to embracing cryptocurrencies as a payment option. The travel-booking platform announced its integration with VeChain to provide booking payments through VET. Users can now leverage VET in over 2 million hotels and homes accessible through Travala.com.
Increasing Demand in Vacation Rental Market
According to a research report, the global vacation rental market is set to rise in the next seven years. You can owe this mainly to the wanderlust in most millennials, driving this boost in the market. The report further mentions that millennials and generation Z will constitute about 75% of consumers and travelers.
Most service providers turn to social media, adverts, blogs, and more to spread the word on their utilities. It is evident that the taste in whatever accommodations vary among different travelers. However, renting of condominiums and villas is growing, with people looking for specific facilities wherever they rent.
The market size for these services expects to reach over 110 billion USD at a growth rate CAGR of 3.4%. Assistance from booking companies such as Travala.com, in that case, is meant to be on an upsurge. The company currently covers 230 countries in all the continents providing options of over 2.2 million accommodation facilities.
Both Companies to Benefit from Partnership
Travala.com is working to meet the growing demand in the variety of accommodation places, depending on customers’ needs. The payment options for users are currently extensive for the sake of crypto enthusiasts. VeChain being on board is adding to the variety of existing cryptos on the platform, including BTC, ETH, ADA, BCH, LTC, EOS, BAT, NANO, and others.
Likewise, VeChain’s VET will gain popularity in travel, as it will be available for all accommodations in over 80,000 destinations found on Travala.com. It pushed VeChain’s vision for the mass adoption of VET as a player in smart money solutions.
Instigating Worldwide Crypto Mass Adoption
According to Sunny Lu, the CEO of VeChain, the blockchain sets to advance in terms of its clientele and real-world applications. It focuses on building collaborations with different sectors to widen the scope of blockchain and crypto adoption. This step with Travala.com brings lights to the vision, implementing blockchain into travel.
Traval.com, on the other hand, hopes to exploit the scalable network of VeChain for the best user experience while gearing towards crypto adoption. Both companies stand to achieve a lot as consumers settle in the modern era of cashless exchanges, and others get acquainted with it.