Spanish travelers will soon be able to make claims for incidents such as airline delays, lost luggage, overbooking, etc. and receive compensation through cryptocurrencies. That possibility has now become a reality thanks to a partnership between the national cryptocurrency exchange and the aviation platform.
Cryptocurrency exchange platform Allocation of euro to a payment processor
According to El Mundo Financiero, Criptan, based in Valencia, Spain, has signed a deal with Spanish legal association Wings to Claim, which has a platform that specializes in settling travel incidents and can now compensate travelers in crypto instead of euros.
The platform has allocated euros within the account via the cryptocurrency exchange Criptan. When an eligible customer requests a refund in crypto, the exchange refunds the money in coins like bitcoin (BTC).
The platform’s stated reason for adding crypto to Wings for Claims was that it didn’t want to follow the growing trend of crypto adoption in the travel and hospitality industry. Carlos Corvalan, CEO of Wings to Demand, stated:
The past year has shown how the current Covid 19 situation has led to the financial system no longer being afraid of technology, and with that in mind, the trend toward cryptocurrencies continues to grow. With digital assets, you don’t need intermediaries. It is a safe means of payment. This has great advantages for the national and international user, such as no exchange costs. And that’s exactly what we’re all about – customization, directness and safety throughout the process.
Both companies are working on other projects related to the CryptoSphere
But both companies have other plans for crypto-currency payments. Together they want to develop cryptographic payment solutions that allow travellers to pay for their tickets.
The travel industry is no stranger to the world of cryptocurrencies. In fact, things are getting more favorable for cryptocurrencies.
As Bitcoin.com News reported in December 2020, travel booking site Travala saw its revenue rise by more than 503% year-on-year in November. Of the total bookings, 72% were paid with cryptocurrencies, with bitcoin being the most popular choice.
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