Tripio, the blockchain-based hotel booking platform has recently declared that it is stepping into partnership with Binance, the largest crypto exchange platform in the world.
As a result of this partnership, Binance Coin (BNB) users will be enabled to book 450,000 hotels and residential accommodations through the BNB crypto token. This will impact more than 10 million active users in the Binance ecosystem, as Tripio will utilize BNB as one of the main currencies on its platform to operate bookings.
As far as Tripio is concerned, the partnership with Binance is a huge step forward. After Tripio’s $20 million funding round in March led by major venture capital firms, it is also a significant move towards merchant adoption. It is expected that the partnership will boost the mass adoption of cryptocurrencies among users.
Following the announcement of the partnership, the BNB token witnessed a spike of almost 11 percent in the last 24 hours, positioning it as the 13th largest cryptocurrency by market cap.
However, this is the second collaboration by Binance in recent times. On Dec 3rd, Binance involved in the partnership with Decentraland, which made BNB one of the few tokens available for the upcoming LAND auction.
The partnership agreement between Binance and Decentraland confirms that on purchasing LAND through the auction, 5% of your BNB will be burned immediately, thus removing from circulation.
In the past two years, many massive sized organizations like Expedia, Microsoft, and Steam have chosen cryptocurrency integrations. Although, some weak points of cryptocurrencies caused top-level merchants to halt the idea temporary of adopting digital assets as a payment method.
Regarding this, PayPal CFO John Rainey commented, “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.”
Apparently, Cryptocurrencies has emerged as an efficient and practical alternative to current centralized systems for merchants. But, many steps are yet to be taken to execute mainstream merchant adoption.