The acceptance of cryptocurrency as a payment method is gradually becoming more and more mainstream. The days of it being a niche investment are gone – this is in large part to forward thinkers and innovators outside of the financial space looking to integrate accept digital currencies.
The change in attitude towards cryptocurrencies is only possible if different industries embrace digitisation – this includes the hospitality industry. One company making headway in this space is FIVE Hotels and Resorts. Homegrown in Dubai, the luxury lifestyle destination manages close to 1000 rooms across its hotels, FIVE Palm Jumeirah and FIVE Jumeirah Village, on any given day – maintaining occupancy of at least 94 per cent, throughout the year.
On the precipice of expanding internationally, FIVE has announced it will be opening doors to FIVE Zurich on 30th June 2022 where the company plans to accept crypto payments, namely Bitcoin and Ethereum, for bookings. This new entertainment experiential hotel will be accepting cryptocurrencies as payment from guests from day one, as legislation in the country permits it.
“As a pace setter, FIVE has always wanted to be a the forefront of blockchain and cryptocurrency innovation,” Mushal Nisthar, group director of revenue at FIVE Hotels and Resorts, told The Fintech Times. “Switzerland has always been at the forefront of fintech and cryptocurrency. FIVE Teams have worked with Oracle and Tide to ensure the best payment features are on offer for guests, allowing them to pay in Bitcoin and Ethereum.”
With over three quarters (78 per cent) of its guests under the age of 35, a demographic suggested to own nearly 60 per cent of cryptocurrencies globally, FIVE has tuned itself to tailor to its customer base, setting up in the heart of the crypto-blockchain capital, as Nisthar said, “The placement of Switzerland, in terms of the local and visitor profile, is extremely crypto- friendly and this makes FIVE’s first European outpost a natural extension of FIVE as a hospitality trend setter.”
FIVE has joined the ranks of companies staying ahead of the curve by introducing crypto payments: Prometheus International is just one example of a company selling properties for cryptocurrencies, amassing €4.1million in Cardano. Lamborghini dealerships have also been accepting Bitcoin as a form of payment, creating hype and excitement around the new cars, and online luxury retailer BitDials, offering premium brands like Rolex and Patek Phillippe has also started accepting Bitcoin.
All these companies have been able to capitalise on a new customer base – a crypto-savvy one, and as this customer base grows, the companies already accepting crypto payments will reap the most rewards.