Cryptocurrency-friendly travel agency Travala.com is unveiling a new Bitcoin cashback program, asserting that Bitcoin's scarcity makes it an ideal reward mechanism for its most valued travelers. The program, disclosed exclusively, is part of Travala's initiative to enhance its loyalty rewards program operated by the AVA Foundation blockchain platform.
Juan Otero, CEO of Travala.com, emphasized Bitcoin's prominent position as the most recognized cryptocurrency, along with its finite supply and status as a scarce digital asset, as key factors driving the introduction of the cashback program. Otero expressed confidence in Bitcoin's enduring presence and growing appeal, particularly following the recent approval of the first spot Bitcoin exchange-traded fund, making it increasingly attractive to a mainstream audience.
The cashback rewards, denominated in Bitcoin, will be available to users who attain the Smart Diamond level within Travala's loyalty rewards program. Upon completing their trips, members will receive their Bitcoin rewards credited to their accounts within 24 hours, offering them full autonomy over how they choose to utilize their rewards, whether for further travel bookings on the platform or withdrawing to external wallets or exchanges.
Travala.com disclosed that Bitcoin ranks among the top three payment methods utilized on its platform, comprising approximately 9% of travel bookings. In 2023 alone, travelers expended over $5 million in BTC on various travel-related services such as flights, hotels, and activities. However, participation in Travala's BTC cashback program is exclusive, requiring ownership of the Travel Tiger NFT and staking 2,500 AVA tokens to activate Smart Diamond membership.
Since only 1,000 Travel Tiger NFTs are in circulation, the eligibility pool for the rewards program is limited. These NFTs, serving as randomly generated collectibles on the Ethereum blockchain, carry a floor price of 2.6 ETH, valued at approximately $9,800 at the time of issuance. Travala also contends that a cryptocurrency-based cashback program has the potential to disrupt conventional Web2-based models by enabling cashback providers to mitigate fees associated with traditional payment methods and mitigate the risk of chargeback fraud. Moreover, Travala's CEO believes that Bitcoin rewards can serve as an entry point for new users into the Web3 ecosystem, leveraging both BTC and AVA rewards programs facilitated by the AVA Foundation blockchain platform.
