A month after announcing plans to establish the world’s first universal travel rewards cryptocurrency, technology company KeyoCoin has unveiled a beta version of the online marketplace that will host it, with 12,000 tours, activities and other travel experiences ready to book from today.
Up until now KeyoCoin’s growing travel inventory has been available on the KeyoPass app, which is already live on the Apple Store and Google Play, but this is the first time that intrepid travelers and crypto nomads alike can search for, and book, their next adventure on the web. Payments are currently accepted in fiat currency, with crypto transactions on the way soon.
Matt Baer, CEO and Founder of KeyoCoin commented: “In the decade since Bitcoin first arrived on the scene, only a handful of ICO projects can claim that their native token has real world utility, by which I mean that it can be used to directly purchase tangible products in real world. True, the industry is still in its infancy, but it’s hard to take a coin or token seriously unless merchants are willing and able to accept it as payment for goods and services.”
“It’s for precisely that reason that we’ve spent the last year and a half building an extensive marketplace of thousands of travel products across seven countries before launching the universal rewards token that will soon power the entire ecosystem. We want anyone buying into KeyoCoin before launch to have confidence that they’ll be able to redeem them for a hotel room, tour or activity when the blockchain infrastructure is in place.”
The launch of KeyoCoin’s blockchain-backed desktop marketplace is the next milestone in the company’s mission to shift power from the few big players that act as commission-hungry middlemen in the $8.27trillion travel industry, and put it back in the hands of travelers and their travel providers.
OTAs currently control two thirds1 of all online hotel bookings, and around 20% of online tour and activity bookings, but KeyoCoin plans to use its universal travel rewards cryptocurrency to increase direct bookings by stripping away the 10-30% commissions charged by OTAs. The rewards platform, which will soon feature fun location-based travel challenges, will also gamify the whole travel experience for travelers and merchants alike.
The new desktop marketplace is an important step in Keyocoin’s plans. Mobile devices are increasingly used to buy travel products, accounting for 80% of last minute online bookings2, but desktops remain the world’s preferred channel for overall travel bookings. Of the $693 billion in online travel transactions this year3, 28% will be made on a mobile in the US, 33% in Europe, and between 45% and 49% in Asia, with the Middle East being the only region where more online travel bookings are made on mobile (53%) than on a computer4.
Matt Baer, continued: “As Wi-Fi connectivity improves, and roaming charges are phased out, mobile is becoming an increasingly important channel for travel bookings, which is one of the reasons we wanted to design for mobile first. But there’s no getting around the fact that desktops are, for the time being, the place where most people book their trips, and manage their crypto holdings, so I’m pleased that we’re now able to bring the fight to OTAs on their home turf.”
A number of high profile figures from the world of consumer and blockchain technology have already pledged their support for the project, including executives from Apple, Oracle, Hyperloop, Live Nation, Ticketmaster, and IGN.
For more information about how KeyoCoin is using blockchain technology to shake up the world of hospitality, travel and local experiences, head over to KeyoCoin.com, download the KeyoPass App on the App Store or Google Play, or join the KeyoCoin Telegram supergroup at https://t.me/KeyoCoin.
The new KeyoCoin Marketplace is now live and kicking at: KeyoCoin.com/marketplace
1 Skift analysis of Hitwise data, July 2017: https://bit.ly/2g4cdCb
2 The Criteo Travel Flash Report, Winter 2018: https://www.slideshare.net/CriteoReports/the-criteo-travel-flash-report-winter-2018
3 Statista forecast of online travel sales worldwide, 2018: https://www.statista.com/statistics/499694/forecast-of-online-travel-sales-worldwide/
4 The Criteo Travel Flash Report, Winter 2018: https://www.slideshare.net/CriteoReports/the-criteo-travel-flash-report-winter-2018
Founded in February 2017, KeyoCoin has secured seed funding to develop a revolutionary blockchain-based universal travel rewards platform, mobile marketplace, and decentralized utility token; one that incentivizes exploration, and enhances individual travel experiences, through cryptocurrency rewards.
The KeyoCoin ecosystem is supported by the state of the art KeyoPass app, which features over 12,000 travel products in four US markets and six Latin American countries (correct as at 07.24.18), including expert recommendations, fun travel challenges, and a messenger based digital concierge service.