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Travala Announces Migration to Binance Chain

by Monica Padillo

As part of its effort to improve its services and the token economics of its AVA token, Travala, a NEO-based next-gen online travel agency, will migrate into Binance Chain.

Traval said on its blog that it plans allow customers to pay for hotel bookings using Binance Coin or BNB aside from the current list of accepted cryptocurrencies, which includes Bitcoin, Bitcoin Cash, Ether, Litecoin, Dash, and XRP.

The travel agency hopes the migration will additionally help boost its processing periods, enhance its performance, and enable ease of on-chain use of the AVA token within the decentralized platform.

Matthew Luczynski, CEO of Travala, noted that the online travel agency will support Binance Chain in growing the blockchain ecosystem and promoting the adoption of cryptocurrencies globally.

Also a part of its plan to improve the token economics of AVA, Travala has launched a quarterly buyback and burn program, which aims to reduce the total number of AVA in circulation from 61,571,086 to 40,000,000.

Travala noted that AVA tokens that will be repurchased and burned will be based on 20 percent of the agency’s net revenue. 

Current AVA token holders will still be able to deposit, withdraw, and trade their AVA, Luczynski explained. 

AVA token holders will also be able to swap their NEP5 format tokens into BEP2 standard on a 1:1 ration when the swap mechanism is ready.