This is another crypto adoption-related positive announcement. It looks like on Tripio which is a blockchain-based hotel booking platform, Binance Coin users can now put their crypto to great use as they can book 450,000 hotels and residential accommodations using the token.
Yesterday, Tripio announced its partnership with Binance that will enable more than 10million active users in the Binance ecosystem to use BNB as one of the main cryptos on the platform in order to process bookings.
Merchant adoption is essential
Long verification times, high volatility and lack of liquidity are usually the main factors that trigger a difficulty in the ecosystem for merchants. But now, all these issues have been solved with the help of scalability solutions, stablecoins, and the emergence of fiat on-ramps.
In May, PayPal CFO John Rainey said: “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.”
— CZ Binance (@cz_binance) December 4, 2018
Supporting mainstream crypto adoption
More and more merchants have been exploring alternatives to PayPal and legacy systems for many years because of their high fees.
Anyway, the crypto sector still has to capture more attention from the merchants in order to get even closer to mainstream adoption.
The very next step that could drive crypto merchant adoption is to lead major platforms such as Microsoft, Steam or Expedia to reconsider the integration of cryptos.
The crypto community has to continue building and strengthening the whole infrastructure surrounding the asset class in order to encourage merchants and big conglomerates to consider the crypto integration.
Anyway, things are looking pretty great especially considering the latest crypto market disaster which doesn’s seem to have stopped developments and more achievements from continuing.