On a blockchain based hotel booking platform, users of Binance Coin are now able to book 450,000 hotels and residential accommodations using the BNB crypto token.
The platform Tripio announced the news yesterday (December 4th) on the strategic partnership with Binance to enable more than ten million active users in the Binance ecosystem to utilise Binance Coin as one of the main currencies on the Tripio platform to process bookings.
You can see Binance CEO’s Changpeng Zhao (CZ) give his thoughts on Twitter below:
Over the past two years, there have been several big scaled giants such as Microsoft and Steam announcing integrations with cryptocurrencies. In July this year, we saw a big Japanese point of sale (Pos) service provider which was set to implement Bitcoin for its hundreds of thousands of retailers.
Nevertheless, as an asset class, cryptocurrencies still have a lot of vulnerabilities led by leading merchants to partly give up on adopting digital assets as a payment method.
The CEO of PayPal John Rainey said in May:
“Because of the volatility of the cryptocurrencies, the merchants saw swings in crypto that threatened the viability of their businesses. If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction.”
Merchants have been consistently looking for alternatives to PayPal and legacy systems for many years because of their expensive fees.
Digital currencies offer an efficient and practical way to existing centralised systems for merchants an incentive for merchants to ditch high fee platforms to adopt consensus currencies.
What are your thoughts? Let us know what you think down below in the comments!