Bitcoin penetration in the hospitality industry is set for another expansion as a U.S. luxury hotel chain adopts cryptocurrency as a payment option.
The Kessler Collection, an American luxury hotel brand, has begun accepting Bitcoin (BTC) and cryptocurrencies as a payment option.
According to a press release issued on Tuesday, the hotel chain has partnered with crypto payment gateway service BitPay to begin accepting Bitcoin.
Other cryptos adopted include Ether (ETH), Dogecoin (DOGE) as well as four stablecoins — USD Coin (USDC), Paxos Standard (PAX), Binance USD (BUSD), and Gemini dollar (GUSD).
The Kessler Collection now becomes the latest luxury brand to partner with BitPay to enable crypto payments for their products and services.
For Fravy Collazo, the company’s chief financial officer, adopting crypto payments will also help to reduce the forex burden on international guests. Commenting on the move, the firm’s CEO Richard Kessler stated:
“This is one of the most innovative concepts in the hospitality industry right now. I believe cryptocurrency is only going to gain acceptance, and partnering with BitPay allows us to offer more choices in the payment process.”
Indeed, from airlines to travel agencies, several facets of the tourism and hospital industries have been quick to adopt cryptocurrency payments.
The onset of the coronavirus and its impact on global travel has also likely accelerated the pivot towards virtual currency payment channels amid the emerging digitization of the industry and the prioritization of contactless protocols.
In its February 2020 report, crypto travel agency Travala revealed that 68% of all bookings for the month were with virtual currencies as the company recorded its largest monthly revenue figures.
Apart from utilizing crypto payments, airlines and other stakeholders are also exploring blockchain in fighting the spread of COVID-19.
Back in February, Air France announced that it would be testing a blockchain-based system to verify COVID-19 test results for passengers.