Travala (AVA) Surged 300% After Binance CEO CZ Revealed Pre-Pandemic Investment

Travala's AVA token experienced a 300% price increase within an hour after former Binance CEO Changpeng Zhao (CZ) revealed that Binance had invested in the crypto travel platform before the pandemic.

Binance had earlier revealed its investment in the crypto travel platform Travala before the pandemic. Recently, former Binance CEO Changpeng Zhao (CZ) highlighted this investment in a tweet.

Following the announcement, Travala’s AVA token experienced a 300% price increase within an hour. CZ's statement showcased Binance's continuous support for Travala, which sparked renewed interest in the project.

Moreover, Travala announced achieving $100 million in gross annual revenue, up from $59.6 million in 2023. The company attributed this growth to an increase in flight and hotel bookings, which customers can pay for using over 100 cryptocurrencies.

"We invested in this crypto travel platform pre-COVID, pre-crypto winter, and held on. BUILD," CZ posted on X (formerly Twitter).

Additionally, Travala disclosed plans to establish a Bitcoin and AVA reserve, aiming to further develop and progress the industry for blockchain-based travel.

Founded in 2017, Travala.com is a blockchain-based travel booking platform that offers over 3 million travel products across more than 230 countries. It accepts payments from various cryptocurrencies, including its native token, AVA.

Since its inception, Travala has introduced several innovations in decentralized travel. In 2021, the platform launched Dtravel, a blockchain-powered competitor to Airbnb. Dtravel offers hosts a stake in the platform, setting it apart in the peer-to-peer travel market.

Meanwhile, Binance continues to expand its blockchain investments, with Binance Labs backing multiple projects in 2024. Some recent initiatives include:

* Partnering with Kernel to build restaking infrastructure on the BNB Chain, supporting tokens like BNB and BTC.

* Investing in BIO Protocol to advance decentralized scientific research funding through BioDAOs, focusing on areas like cryopreservation and women's health.

* Making an investment in Lombard, a Bitcoin liquid staking platform that controls 40% of the Bitcoin liquid staking market. With the latest investment, Lombard is aiming to expand its secure multi-chain staking protocol.

These developments highlight Binance's strategy of supporting innovative projects across diverse sectors in the blockchain ecosystem.