Disclaimer: This article does not constitute any investment advice.Editor: Remember to follow!Coin An has established a strategic partnership with Tripio, a blockchain based hotel reservation platform
Disclaimer: This article does not constitute any investment advice.
Editor: Remember to follow!
Coin An has established a strategic partnership with Tripio, a blockchain based hotel reservation platform.
It is reported that users of Coin An can now book 450000 hotels and homestays on the blockchain based hotel reservation platform Tripio by using BNB.
On December 4th, Tripio officially announced the establishment of a strategic partnership with Coin An, whose platform currency BNB will become one of the main cryptocurrencies supported by Tripio.
In the past two years, many large institutions have announced the integration of cryptocurrencies, such as Expedia, Microsoft, and Steam. In July of this year, a mainstream PoS service provider in Japan announced plans to provide Bitcoin payment services to a large number of retailers.
However, some limitations of cryptocurrencies have led major merchants to choose to give up accepting payment methods for digital assets, and these institutions have ultimately cancelled their original plans.
The drawbacks of long transaction validation cycles, high price volatility, and insufficient liquidity of funds have become the reasons why merchants refuse to accept digital assets as payment methods. However, the emergence of scalability solutions, exchange channels for fiat currencies, and stable currencies may address these issues.
In May of this year, John Rainey, the Chief Financial Officer of PayPal, stated that due to the high volatility of cryptocurrencies, many businesses believe that accepting cryptocurrencies may affect their profitability. If you are a merchant who accepts Bitcoin payment today and earns a 10% profit, and the next day Bitcoin's price drops by 15%, then your profit will greatly shrink.
At present, due to the high cost of this approach, some businesses have begun to try alternative solutions in recent years. It is reported that on PayPal, redemption usually accounts for 5% to 6% of the total transaction amount, and this charging method is not only applicable to merchants, but also to buyers and individual users.
Cryptocurrency provides merchants with a more efficient and practical payment method, allowing it to replace existing centralized systems. The characteristics of cryptocurrencies are stimulating businesses to abandon expensive platforms and instead adopt cryptocurrencies.
However, cryptocurrencies have not yet caught the attention of businesses, and in order for mainstream businesses to adopt cryptocurrencies on a large scale, participants in this field need to make more efforts.
When merchants start adopting cryptocurrencies, opponents of tokens may say that even though blockchain networks can handle transactions of less than $1, if token holders cannot use this digital asset to purchase products or services online or offline, its application scenarios are limited.
After obtaining $20 million in investment from institutions such as OKBlockchain Capital, Ceyuan Ventures, NodeCapital, F2Pool, and GENESIS Capital in March, Tripio reached a partnership with Coin An to open BNB to over 450000 hotels.
If mainstream platforms such as Expedia, Microsoft, and Steam reconsider integrating cryptocurrencies, this may increase the usage rate of cryptocurrencies.
With the continuous enhancement of digital asset infrastructure and the gradual improvement of people's understanding of digital assets for a long time, major platforms may reconsider accepting cryptocurrency payments.
John Rainey, Chief Financial Officer of PayPal, stated that the volatility of cryptocurrencies is a significant reason why merchants refuse to accept digital asset payments, and this issue may be resolved with the emergence of regulated stable currencies.
The cryptocurrency community must continue to build and strengthen the infrastructure of this asset class to encourage businesses and large enterprises to consider adopting cryptocurrencies.
Original source:
https://www.ccn.com/adoption-binance-users-can-book-450000-hotels-using-crypto-token-bnb/
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