Pay for your stay in a five-star hotel in Bitcoin (BTC) or Ethereum (ETH)
This hotel in the Swiss Alps is the most luxurious way to spend your cryptocurrency savings.
Despite the volatility of the cryptocurrency markets, the five-star hotel Chedi Andermatt has started accepting Bitcoin and Ethereum for payment. The hotel managers believe thus they will be able to attract a new category of wealthy tourists.
“As the digital age continues to grow and cryptocurrency rises in demand, we wanted to embrace these advances and integrate them into our hotel operations,” says general manager Jean-Yves Blatt.
“We’ve known for a while that digital payment has a future in hospitality and … we wanted to lead the charge. We wanted to ensure customers have the ability to choose how they pay for their stay – traditionally or via cryptocurrency.”
“The guests who use this system differ a bit from our usual guests – and, above all, most other Swiss luxury hotel clients. They are younger [in their 30s] and very trend- and technology-conscious. For us, these are the clients of the future.”
According to asiaone.com, Chedi Andermatt is partnering with the payment service provider Worldline and Bitcoin Suisse. Payments in crypto will be converted into Swiss francs immediately after their confirmation.
“There are plenty of benefits for our guests through paying with bitcoin and ethereum such as fast worldwide payments, low transaction costs, as well as a secure and trustworthy method of payment,” Blatt says.
“We do not hold cryptocurrency on our balance sheet, so we do not need to take a position on its intrinsic value as an asset or store of wealth. For us, it is just a medium of exchange that can be easily and instantly converted into fiat.”
Development of crypto as a means of payment
Crypto is gaining popularity even despite its great volatility and the fact that its everyday practicality remains in question. Still, Switzerland is at the frontier of its adoption. More and more Swiss establishments are accepting cryptocurrency as a payment method.
Duncan Wong, CEO and founder of CryptoBLK, a Hong Kong blockchain service provider, agrees with Blatt’s statement that the main reason for accepting crypto payments is to appeal to customers with a new mindset.
“The use of cryptocurrencies for traditional payment is still very rare. Most of the people holding tokens, to my knowledge, are only trading between tokens and stable coins.”
Speaking of the downsides of accepting payments in digital currencies, Wong says that hotels will have to strengthen cybersecurity to ensure safety, and that “these respective technologies are still evolving”.
Time will tell whether this approach will be beneficial for Chedi Andermatt and other early adopters of crypto payments in the hotel business. Brian Elders, founder and CEO of financial services consulting platform Sors Digital Assets, believes that the pros outweigh the cons: “Substantial numbers of people own crypto, so why not let them use it to pay for your services”.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.