The news: Crypto.com launched Crypto.com Travel, an in-app booking platform that lets users earn cash back on travel bookings made in native CRO tokens, per a press release.

Bookit will power the platform, which will include flights, cruises, rentals, and experiences. 

How we got here: Crypto.com builds on the firm’s Level Up platform, suggesting Crypto.com is trying to compete with traditional payment providers like card issuers on travel perks—a major selling point for consumer adoption.

Crypto companies have yet to place serious stakes into travel rewards, giving Crypto.com the opportunity to set the precedent for travel perks for the industry. 

Zooming out: Crypto users still remain a minority in the US: Only 2.5% of the US population will transact in crypto, per our forecast. Crypto.com’s travel platform could help these users find a more solid use case for their on-chain funds and could encourage more crypto payments, and give Bookit’s platform an infusion of wealthier consumers: US households making over $125,000 are most likely to hold crypto, per our forecast.