Booking.com-Partnered Travala Now Accepts Tether’s Controversial USDT
Cointelegraph By Andrew Calderaro's original article for cointelegraph.com reduced by 74%
Crypto-friendly hotel booking giant Travala now accepts payment from a controversial cryptocurrency leader. On Jan. 10, Travala announced that Tether is now a valid form of payment at its two million linked properties.
In addition to Tether, Travala also accepts payments of Bitcoin, Ethereum, XRP, Litecoin, Binance Coin, Bitcoin Cash, Stellar, and Cardano, as well as its own coin, AVA.Tether's position in the crypto marketTether entered the crypto market in 2017. "Merchants used to accept Bitcoin, Ethereum, Ripple and convert it into Tether in order to hedge against the volatility," said Sean Mackay, operations lead at PaymentsSource, a financial services resource. Stablecoin faces legal woesLast April, New York Attorney General Letitia James charged Tether's parent company, Tether Limited, of colluding with parent company, iFinex, and using Tether's reserve funds to cover the loss of more than $850 million in client and corporate funds from crypto exchange Bitfinex, thus undermining USDT's claims to stability based on USD reserves.
Despite iFinex's legal difficulties, and despite having the fifth-highest market capitalization, Tether continues to see the highest daily and monthly trading volume. As of writing, Tether boasts a 24-hour trading volume of nearly $26.5 billion - exceeding Bitcoin's $22.5 billion, according to CoinMarketCap.
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