cknowledgment of digital currency as a payment option is gradually spreading. The days of it being a specific market investment are long gone, largely thanks to forward-thinking and innovative thinkers and innovators outside the financial sector looking to integrate and accept digital currencies.

The hospitality industry, like other industries, must embrace digitization if attitudes toward cryptocurrencies are to change. FIVE Hotels and Resorts is one company making inroads in this market. On any given day, the luxury lifestyle attraction manages close to 1000 rooms across its hotels, FIVE Palm Jumeirah and FIVE Jumeirah Village, with an occupancy rate of at least 94% year-round.

This new entertainment hotel will accept cryptocurrencies as payment from guests from the start, as the country's legislation allows it.

"As a trailblazer, FIVE has always sought to be at 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 cutting edge of fintech and cryptocurrencies. The company’s teams collaborated with partners to ensure that guests have access to the best payment options, including the ability to pay in Bitcoin and Ethereum."

The company has aligned itself to tailor to its customer base, establishing up in the heart of the crypto-blockchain capital, with more than three-quarters (78%) of its guests under the age of 35, a demographic recommended for owning nearly 60% of digital currencies worldwide.

"The positioning of Switzerland, in terms of its local and visitor profile, is extremely crypto-friendly," Nisthar explained, "and this makes FIVE's first European outpost a natural enhanced version of FIVE as a hospitality trendsetter."

Prometheus International is one example of a firm that sells properties in exchange for cryptocurrencies, having amassed €4.1 million in Cardano. Lamborghini dealerships have also begun accepting Bitcoin as a form of payment. Adding to the new cars' hype and excitement, online luxury retailer BitDials, which sells premium brands such as Rolex and Patek Phillippe, has also begun accepting digital currencies.

All of these businesses have been able to capitalize on a new customer base - one that is crypto-savvy - and as this customer base grows, the companies that are already accepting this type of payment will reap the most benefits.

Aug 26, 2022
Digital Lifestyle

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