Vancouver, British Columbia--(Newsfile Corp. - June 12, 2014) - There was big news in the cryptocurrency market yesterday when Expedia (NASDAQ: EXPE), which claims to be the world’s largest full service online travel site, announced it will begin accepting bitcoin as a form of payment for hotel bookings, becoming the first major travel-agency to accept the digital currency.
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To purchase hotel reservations, customers simply indicate bitcoin as their method of payment and then follow a few steps to safely and securely complete each transaction.
Michael Gulmann, Expedia’s vice president of global product stated, "Expedia, Inc. is in a unique position, as one of the world's leading online travel agencies, to solve travel planning and booking for our customers and partners alike by adopting the latest payment technologies. We're continually looking at ways consumers want to pay for their travel; bitcoin is a great example of how Expedia is investing early in an array of payment options to give our customers and partners more choice in the ways they interact with us."
Expedia has partnered with Coinbase to process the bitcoin payments, which will convert the bitcoins back into U.S. dollars. Coinbase, which powers 1.3 million consumer wallets and supports 32,000 merchants, makes it easy to buy and sell bitcoin, securely store bitcoin in the cloud, and accept bitcoin as payment and receive funds in U.S. dollars. In December 2013, Coinbase received a US$25 million investment, the largest ever for a Bitcoin company, from the prominent Silicon Valley venture capital firm Andreessen Horowitz.
"We are pleased to partner with Expedia.com to welcome them into the growing community of forward-thinking companies that have opened their businesses to accept bitcoin payments," said Fred Ehrsam, co-founder of Coinbase. "By accepting bitcoin as a form of payment, Expedia is giving a wider community of users the opportunity to book hotels from their site's inventory of properties all around the world quickly and easily."
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