Travala’s AVA token rose 300% after former Binance CEO Changpeng Zhao (CZ) revealed that the crypto exchange had invested in the platform before the pandemic.
CZ’s tweet revealing Binance’s support for Travala attracted the attention of the crypto community to the project. We tell you what happens with the AVA token.
Travala doubles annual revenue
Founded in 2017 Travala.com is a blockchain-based booking platform offering over 3 million travel products in over 230 countries. The platform accepts payment in a variety of cryptocurrencies, including its own AVA token.
Travel platform Travala earned $100 million in 2024, almost double its 2023 revenue of $59.6 million. The project team attributed this growth to an increase in the number of flight and hotel bookings, which customers can pay with more than 100 different cryptocurrencies.
Travala also announced about plans to create a reserve in bitcoins and AVA tokens for the development of the blockchain tourism industry.
Since its founding, Travala has been innovating in the field of decentralized tourism. In 2021, the company launched Dtravel, an Airbnb competitor on the blockchain. Dtravel offers homeowners a stake in the platform, which sets it apart from other P2P travel services.
Binance Investment in Travala
The former head of the world’s largest crypto exchange by trading volume said that the company invested in Travala and was right.
Immediately after his words, the AVA token from Travala shot up and rose in price by more than 300% in a few hours. AVA set a local maximum at $3.38. At press time, the price is trading at $3.13, with upward momentum continuing, demonstrating how Binance’s actions can impact investor sentiment.
Although CZ is pleased with its investment in Travala, in October this year the project’s token was included in the list of assets that the crypto exchange regards as potentially risky due to a significant change in tokenomics.
Other Binance Investments
Binance is actively expanding its investment portfolio in the blockchain industry. In 2024, the business incubator and venture fund of the crypto exchange Binance Labs funded many projects. Recent initiatives include a partnership with Kernel to create a re-staking infrastructure on the BNB Chain, integrating BNB and BTC tokens.
In November, Binance Labs invested in BIO Protocol to develop decentralized research funding. This initiative aims to address important issues including cryopreservation, women’s health and mental health through BioDAOs.
In October, Binance Labs supported Lombard, a platform for liquid Bitcoin staking. Lombard has 40% of the Bitcoin liquid staking market. With new investments, the company is focused on expanding its secure multi-chain staking protocol.
These events demonstrate Binance’s strategy to support innovative projects in various sectors of the blockchain ecosystem.
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Source: Cryptocurrency
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