Travala.com, a large hotel booking platform that uses Blockchain Technology, will migrate to Binance ‘s blockchain, called Binance Chain. The company announces this in a blog post published on the 3rd of September.
Travala.com plans to transfer its native token AVA (NEP5) to the Binance Chain to improve the usability, security and speed of the token. The hotel booking site wants to use the high transactions per second (TPS), lower costs and scalability that the Binance Chain offers.
In addition, Travala.com is planning to buy back a large part of the AGM tokens and burn them in a so-called ” buyback and burn ” program. The platform plans to burn part of these tokens every quarter. Ultimately, the company wants to burn 21,571,086 token, 35% of the total supply of 61,571,086, to reduce this to 40,000,000.
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Travala.com says that current users can continue to use the AVA token and that they can redeem the AVA (NEP5) token on the NEO blockchain 1: 1 with the new AVA (BEP2) token once the redemption mechanism is ready.
The announcement also states that the Binance Coin (BNB) will from now on be preferred to pay on the travel booking platform. Travala.com will also request a listing for the AGM token on the decentralized Binance exchange; Binance DEX.
According to a blog post by Matthew Luczynski, who is the CEO of Travala.com:
“As the world’s leading blockchain-based hotel booking platform, we are delighted to support Binance Chain in a common mission to grow the blockchain ecosystem and promote the acceptance of cryptocurrencies worldwide.”
In May, Travala.com announced that it would collaborate with the Litecoin Foundation to make payments with cryptocurrency more fluid.
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