Crypto friendly hotel reservation giant Travala now accepts payment from a controversial leader in the cryptocurrency.
On Jan. 10, Travala confirmed that Tether (USDT) is now a legitimate form of payment for its two million related assets. Travala CEO Matt Luczynski said part of their goal is to provide their customers with a wide selection of the most well-known and used cryptocurrencies so adding USDT as a payment option on Travala.com made perfect sense for them.
Apart from Tether, Travala also accepts Bitcoin, Ethereum, XRP, Litecoin, Binance Coin, Bitcoin Cash, Stellar, and Cardano payments, as well as its own coin, AVA.
Place of Tether in the Crypto market
In 2017 Tether entered the crypto-market. With its one-to-one ratio with fiat currency the stablecoin promised to avoid price fluctuations. The merchants showed eagerness for a coin based in Hong Kong.
Merchants used to accept Bitcoin, Ethereum, Ripple and convert it to Tether to hedge against the volatility, Sean Mackay said, operations lead at PaymentsSource, a resource for financial services. Now they see the payments that are just being made directly in Tether.
Stablecoin faces legal woes
Last April, New York Attorney General Letitia James charged Tether’s parent company, Tether Limited, with colluding with parent company, iFinex, and using Tether’s surplus funds to cover the loss of more than $850 million in consumer and corporate funds from the Bitfinex crypto exchange, thereby weakening USDT’s arguments for stability on the basis of USD reserves.
Despite the legal struggles of iFinex, and despite having the fifth-highest market capitalization, Tether continues to see the highest volume of daily and monthly exchange. As of writing, Tether enjoys a 24-hour trading volume of almost $26.5 billion that exceeds $22.5 billion from Bitcoin.
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