Litecoin Foundation Partners With Hotel Booking Platform Travala.com

On Thursday (May 9), Travala.com ("Travala"), a leading crypto-friendly accommodation booking platform that has its own blockchain-powered ecosystem, announced a strategic partnership with the Litecoin Foundation to help drive the mainstream adoption of cryptocurrencies for making payments.

In its business plan, Travala describes itself as "the next-gen online travel agency." Its 567,928 properties span across 82,311 destinations in 210 countries.

Travala believes that its platform offers several benefits that make it better able to serve a younger generation of consumers who "dislike the established order, have not yet formed their brand loyalties, and yet are tech-native and extremely socially aware."

These benefits include:

  • at least 15% cheaper than "traditional" online travel agencies such as Expedia.com, Booking.com, and TripAdvisor.com;
  • support for cryptocurrency payments (as well as fiat currencies);
  • "blockchain-verified" reviews; and
  • a" token-powered incentivization economy"; the AVA token "enables users to benefit from the largest possible discounts when booking their next trip, is given to contributors who help grow the platform through authentic reviews and other content, rewards those who make successful referrals and is paid as fuel cost by other platforms when they leverage Travala infrastructure to improve their own offerings."

These are Travala's current payment options:

Travala payment options.png

Travala says that it is "kickstarting" its partnership with Litecoin Foundation with the  #TravelWithLitecoin campaign, in which "Travala.com and Litecoin Foundation will enable users to save up to 40% on hotel bookings through Travala.com and Litecoin’s LoafWallet."

The Loafwallet is a Litecoin wallet available for iOS and Android. It was built by Litecoin creator Charlie Lee, and it is maintained by the Litecoin Foundation.

As with the #PayWithLitecoin, the #TravelWithLitecoin campaign "encourages the Litecoin community to use LTC as a form of everyday payment wherever their journey may take them."

In the press released shared with CryptoGlobe, Travala says that it will also be the official accommodation partner for the upcoming two-day Litecoin Summit 2019 event (October 28-29, 2019 in Las Vegas).

Matthew Luczynski, CEO and Founder of Travala.com said:

“The consumer is in the driver seat when it comes to achieving mass-market cryptocurrency adoption, and we’re delighted to embark on this journey with the Litecoin Foundation with a unified goal: to bring the mainstream use of cryptocurrencies into everyday life. This is a proud milestone for us as we continue building out our platform to welcome those who share the same vision for the crypto economy.”

Luczynski added that this partnership with the Litecoin Foundation "will enable a more inclusive and flexible travel experience for users, as they embrace the versatility of cryptocurrencies as a payment solution."

Charlie Lee, the managing director of Litecoin Foundation, had this to say:

"We are excited to work with Travala.com to make it easier for Litecoin users to #TravelWithLitecoin. Nothing aids mass adoption more than real-world use cases, and the opportunity to use a global currency like Litecoin to travel around the world is a powerful one."

According to CryptoCompare, at press time (10:25 UTC on May 9), LTC is trading at $74.42, up 0.12% in the past 24-hour period:

LTC - 24 Hour CC Chart - 9 May 2019.png
 

Featured Image Credit: Photo via Pixabay.com. "Payment Options" Screenshot Courtesy of Travala.com

Neatly 70 Crypto-Focused Funds Closed This Year as Institutional Investors Tread Carefully

Data from the San Francisco-based Crypto Fund Research has shown that nearly 70 cryptocurrency-focused hedge funds have closed this year, while the number of new funds opening is nearly half of what it was in 2018.

The funds reportedly mostly catered to pensions, family offices, and wealthy individuals. Region-wise, data shows North America leads in the number of crypto fund closures with 28 shutting down this year. Europe followed it with 23 closures, and the Asia-Pacific region came in third with 14 closures.

Bloomberg reports that the volatile nature of cryptocurrency prices and regulatory uncertainty surrounding the nascent space have been keeping institutional investors at bay. Nic Carter, the co-founder of Boston-based crypto market tracker Coin Metrics, was quoted as saying the market is “definitely retail driven and will remain so for the foreseeable future.”

The news outlet noted, however, that a Fidelity survey has shown institutions’’ investments into cryptocurrencies are likely to increase over the next five years, and that the CEO of Galaxi Investments Mike Novogratz has said in a recent interview he believes the next wave of adoption will come from “the wealth advisers, maybe with endowments and small foundations participating.”

Spencer Bogart, general partner at San Francisco-based Blockchain Capital, pointed out it’s a matter of expectations, as while to some the levels of institutional adoption are “disappointing or underwhelming,” to him they are a “radical success.” He said:

To me, the fact that there is any institutional adoption for Bitcoin only 10 years into existence is a radical success and beyond what anyone could have imagined just 3 or 4 years ago.

Data from the Crypto Fund Research’s website shows there are currently a total of 804 cryptocurrency-focused funds, 355 of which are hedge funds, and of are venture capital funds. Most crypto funds – 403 – have less than $10 million worth of assets under management, while only 57 have over $100 million under management.

Featured image via Pixabay.