This week, the popular Asian travel agency, Future.Travel gave the Lightning community a reason to celebrate. The Vietnamese-based firm announced it now accepts Lightning Network Bitcoin payments directly. The news demonstrates further LN-integration within the travel sector. Additionally, it highlights the benefits of this revolutionary off-chain protocol.
According to reports, Future.Travel decided on the integration after learning about how the Lightning Network provides lower transaction fees and processing times. Importantly, the platform utilizes a system similar to options provided by crypto processing firms such as Square Crypto. In these scenarios, payments made in crypto automatically convert over to fiat currency. Then, the fiat currency deposits in the companies account directly.
Auto conversion strategies are more common than ever in the market and for good reason. This approach allows merchants to accept crypto and avoid all of the volatility that is notorious in the market. Importantly, since the conversion is instant, merchants never lose funds from the time of purchase.
Discussing the move, the general director at Future.Travel, David Watson called the integration the logical “next step” in the company’s plan to bring cryptocurrency to the travel sector. He described how the protocol enables huge savings for travelers and hs firm alike. Specifically, he spoke on how the system reduces overhead and increases efficiency and transparency.
As part of Future.Travel’s blockchain strategy, the company formed a strategic partnership with Neutronpay. Notably, Neutronpay already hosts a popular multi-currency merchant platform. As such, the firm is now responsible for integrating and maintaining the technical aspects of the LN-integration.
One of the main advantages of adding the Lighting Network is faster transactions. Normal Bitcoin transactions can take time to complete depending on blockchain congestion levels. The Lightning Network eliminates these concerns through the use of personal payment channels. Here, users can send and receive funds instantaneously and off-chain. Developers boosted that the integration reduced the average transaction time on the platform down to 5 seconds.
Long Time BTC Advocate
Notably, Future.Travel was one of the first agencies to embrace blockchain technology. The company already supported Bitcoin payments for years. Additionally, the firm added support for several other popular cryptocurrencies since its inception 6 years ago. These cryptos include Litecoin (LTC), Bitcoin Cash (BCH), and Ether (ETH).
Crypto Travel on the Rise
Future.Travel is not alone on their quest to bring blockchain into the sector. Today, Bitcoiners can travel the globe in style on their Satoshis. For example, this year saw the German airliner, Hahn Air, introduce Bitcoin payments. In another highly-publicized venture, the FOLD app allows you to book AirBnB using Bitcoin. When it comes to crypto-travel strategies, the market is just at the starting line.
The Future is Now
It’s easy to see why Future.Travel executives believe the time is now to leverage blockchain’s unique benefits. Many in the industry understand this technology has the ability to help eliminate online fraud and associated credit card charge-backs. For now, any LN advocates seeking a little vacation can rest assured that Future.Travel can provide them with everything they need.