As a seasoned analyst with over two decades of experience in the tech and finance industries, I have seen countless partnerships and investments reshape the landscape of various sectors. However, few announcements have caught my attention quite like Binance‘s investment in Travala before the pandemic.
The price of Travala’s AVA token skyrocketed approximately 300% within an hour following Changpeng Zhao (CZ), ex-CEO of Binance, disclosing that Binance had previously invested in the cryptocurrency travel platform even before the pandemic. This revelation by CZ emphasized Binance’s ongoing backing for Travala, sparking renewed curiosity and attention towards the project.
Travala Achieved $100 Million in Gross Annual Revenue
The announcement was made at the same time that Travala recorded passing the $100 million mark in yearly gross sales, a substantial rise from the $59.6 million earned in 2023. In their recent update, the company credited this expansion to a rise in flight and hotel reservations, which can be paid for using more than 100 different cryptocurrencies.
CZ shared on his platform (previously Twitter) that we had purchased stocks in a cryptocurrency travel service before COVID-19 and the crypto market downturn. He encouraged continued investment, saying ‘BUILD.’
Additionally, Travala unveiled intentions to set up a Bitcoin and AVA reserve for the purpose of advancing and growing the blockchain travel sector.
Simultaneously, Binance is broadening its involvement in blockchain ventures, as Binance Labs supports numerous projects throughout 2024. Notable endeavors include a collaboration with Kernel to establish restaking infrastructure on the BNB Chain, and the integration of tokens such as BNB and BTC.
In the month of November, Binance Labs made an investment in BIO Protocol to foster development in crowdfunding for decentralized scientific research. The goal is to tackle significant issues like preservation methods, women’s health, and mental health using Bio Decentralized Autonomous Organizations (BioDAOs).
Additionally, in October, Binance Labs provided support to Lombard, a Bitcoin liquid staking system. Currently, Lombard manages approximately 40% of the Bitcoin liquid staking market. With their recent investment, they are concentrating on broadening their secure multi-chain staking protocol.
These advancements highlight Binance’s approach of backing innovative initiatives spanning various domains within the blockchain community.
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2024-12-12 20:40