Recent news coverage about the increasing popularity of crypto has mainly focused on a steady stream of big-name financial institutions who have begun embracing this relatively new asset class. Now, the trend of widening crypto adoption has begun to expand outside the realm of major banks to the hospitality industry. A U.S. luxury hotel group known as the Kessler Collection has just announced that it will start accepting crypto as a method of payment.
Kessler’s eight corporate owned hotels will accept Bitcoin, Ether, Dogecoin and some other stablecoins effective immediately thanks to its partnership with BitPay. As the world’s largest crypto payment services provider, BitPay will enable a smooth rollout of this digital coin payment option.
The eight crypto-friendly hotels include Beaver Creek Lodge, Casa Monica Resort & Spa, Elliot Park Hotel, Grand Bohemian Hotel Asheville, Grand Bohemian Hotel Charlotte, Grand Bohemian Greenville (opening November 2021), Mansion on Forsyth Park and JW Marriott Savannah Plant Riverside District.
According to Richard Kessler, chairman and CEO of The Kessler Collection, “This is one of the most innovative concepts in the hospitality industry right now. I believe cryptocurrency is only going to gain acceptance and partnering with BitPay allows us to offer more choices in the payment process.”
This news is part of a rising trend in the hospitality industry’s newfound willingness to accept cryptocurrencies as payment. Following the crippling lockdowns enforced by governments during the pandemic, countless businesses were forced to temporarily suspend operations or close completely. Those that survived and are reopening are finding ways to tap into new markets and appeal to many travelers who were unable or unwilling to travel previously.
In Argentina, hotels have also begun considering acceptance of crypto. The South American nation was especially hard-hit as its lucrative tourism industry came to a standstill over the past year. Its government recently defaulted for the second time this century after it missed a deadline to pay $503 million in interest on a U.S. dollar-based bond. It is currently working on restructuring $66 billion in international debt. While some boutique hotels in Buenos Aires have accepted crypto for several years, interest among major players is expanding as the country begins rebuilding itself financially.
Beyond hotels, other hospitality-focused businesses have expanded into crypto acceptance as well. Online travel agency Travala recently announced that it is now accepting Binance Pay as a payment method when booking hotels, flights and other travel products. Binance Pay allows users to make payments with a crypto wallet that currently supports six currencies: BNB, BUSD, BTC, SXP, ETH, and EUR. Travala offers over 30 payment options that include traditional credit cards and cryptocurrencies. As a blockchain-based travel booking platform, Travala has grown since it was founded in 2017.
These developments demonstrate a potentially new role for crypto – a tool for post-pandemic economic stimulation. As META 1 Coin Trust strongly believes in the power of crypto as a tool for abundance and freedom, these trends show how crypto can help resurrect beleaguered industries, much like how it helped fuel a post-recession boom after the market crash in 2008.