As the ongoing bull market has increased the number of crypto nouveaux riches, the business is trying to capitalize on this trend by offering premium services for new crypto millionaires or even billionaires.
The most recent example is Binance-backed online travel agency Travala, that has launched ‘Concierge,’ a new service for “a growing group” of high-net-worth travelers, giving them access to private jets, yachts, private islands, helicopter, and limousine transfers.
Travala aims to provide the service to the expanding ranks of “bitcoin millionaires,” citing Bitinfocharts.com data that suggests there are now close to 104,000 addresses which hold at least USD 1m worth of BTC.
The company said that around 70% of its bookings, which are worth some USD 2m per month, are paid in crypto.
“The new service is reserved for users with a minimum booking spend of USD 50,000 per year on Travala.com and travel through Concierge can be booked via 40+ coins or credit/debit cards,” the online travel business said.
A survey carried out by Travala earlier this year indicated that close to 25% of the 1,000 respondents said they planned to use crypto to pay for at least some of their travel in 2021. Of those who planned to spend crypto on this purpose, the highest share wanted to spend bitcoin, at 70%, while 45% would spend tether (USDT) too, and 37% would also use ethereum (ETH).
While Travala has traditionally positioned itself as a budget travel supplier, the company says that there has been a “noticeable” spike in demand for luxury travel services from its customers. As many countries are readying to lift various restrictions on travel amid an accelerating vaccine roll-out across the world, “people have expressed willingness to pay a premium for lost time,” Travala said.
Recent data obtained by the platform suggests that 71% of the surveyed Americans were expecting to spend more annually on travel than prior to the pandemic, and close to 25% were willing to spend more than two full paychecks to go on an international trip.
Other businesses providing similar services include private jet charter service BitLux which also addresses its offer to crypto users