- Cryptocurrency is becoming increasingly popular among travellers.
- The demand for travel solutions that embrace the speed and global reach of blockchain technology keeps increasing.
- Crypto-friendly destinations often offer crypto accepting hotels, restaurants and public services, like transportation.
A new joint report by Binance Pay and blockchain based travel booking platform Travala found that crypto-focused travelers are significantly more valuable to the travel industry than those who carry traditional currencies for travel.
The report found that travellers who use cryptocurrency spend more, book more frequently, and show stronger brand loyalty compared to those paying with fiat money.
In 2024, crypto-based bookings on Travala went up to $80 million, from $45 million in 2023. Average spending per transaction among crypto users reached $1,211, approximately 2.5 times more than the $469 spent by fiat users.
Over a customer’s lifetime, crypto users deliver three times more value, attributed to longer stays and a 57% higher likelihood of repeat bookings.
Source: Binance Pay, Travala
Juan Otero, CEO of Travala suggested the flexible nature of Web3 jobs as a key driver behind these behaviors.
Many crypto travelers work in the digital asset industry or have flexible, remote work lifestyles, which makes them more likely to travel frequently and stay in one place for longer. They also seek destinations that support seamless, global payments.
Juan Otero, CEO of Travala
The broader travel sector is also seeing increased adoption of crypto payments.
A February report from Triple-A found that travel and hospitality accounted for 14% of all crypto transactions in 2024. Earlier in May, Bhutan became the first nation to implement a country-wide cryptocurrency payment system specifically tailored for her tourism sector.
Airlines accepting digital currencies experienced a 40% increase in bookings.
Jonathan Lim, Global Head of Binance Pay, emphasized crypto’s practical benefits for travelers.
They can skip currency exchange lines, avoid foreign transaction fees, and pay instantly using assets they already hold.
Jonathan Lim, Global Head of Binance Pay
The rise in crypto travel spending can be attributed to the rapid expansion of global crypto ownership. For instance, Triple-A recorded an annual growth rate of 99% in crypto adoption.
Of this, 65% of holders expressed interest in using digital assets for day to day transactions.
Meanwhile, Travala is a leading crypto-travel platform established in 2017, facilitating flight and hotel bookings, tours. The platform accepts 141 cryptocurrencies, including Bitcoin and USDC, via Binance Pay.
