A popular hotel and resort from Dubai is expanding into Europe and plans to accept BTC and ETH payments.
Cryptocurrencies are expanding their reach and acceptance into various economic sectors across the world. Of these, the hospitality industry seems to be catching up quickly.
One major hospitality establishment based in Dubai is planning to branch out in the Swiss capital and start accepting crypto payments for bookings and services.
About FIVE Hotels And Resorts
The establishment in question is FIVE Hotels and Resorts, headquartered in Dubai. It already has two branches in the region, namely FIVE Jumeirah Village and FIVE Palm Jumeirah. At any given time, the hotel has a 94% occupancy.
Now, FIVE Hotels and Resorts is planning to set up a new branch in Zurich, Switzerland, and this time, it will be a resort of one of a kind. The new Zurich branch will accept crypto payments, primarily Bitcoin and Ethereum. FIVE Zurich will commence operations on June 30th and will start taking crypto payments immediately.
Demography Is In Favor Of Cryptos
The hotel’s decision to start accepting cryptocurrencies isn’t without serious thought going into it. First off, roughly 78% of the hotel’s customers are young people under 35. In the crypto space, this particular age bracket holds around 60% of the cryptos.
Basically, by accepting crypto payments, FIVE Hotels and Resorts is endearing itself to its main customers and presenting itself as the leader in the hospitality industry when it comes to adopting new technologies and modes of operations that are popular with the majority of the customers.
Switzerland Is Friendly To Cryptos
Besides attracting a target group of crypto-savvy customers, FIVE Hotels and Resorts knows that Switzerland has built a reputation as a very crypto-friendly country in Europe. This is advantageous to FIVE since the Zurich branch is its first outlet in Europe. The move could inspire more European establishments to follow suit and possibly create in-roads for FIVE to further expand into other countries.