The Madrid City Council is preparing the creation of a cryptocurrency for the tourism sector that can be used worldwide.
The initiative is being promoted by the non-profit association Madrid Capital Fintech made up of some 200 companies.
As published by Vozpópuli, several hotel companies have agreed to create the “Alliance of hotel chains for the digitization and sustainability of tourism,” which is formed by Room Mate, Alma Hoteles, Castilla Termal, Fontecruz Hoteles, Hospes Hotels, One Shot, Only You Hotels, Hotels, and Único Hotels.
This will create a digital instrument for the sector to be financed beyond banks, so that customers of member establishments can pay for services with virtual currency as a financial asset, through a mobile app, according to the same media. Thanks to its use, customers will benefit from discounts and preferential treatment.
Now, the project involves establishing smart contracts, adding operators to the system and executing several intermediate steps until the utility token is created, thanks to which companies can finance themselves through cryptocurrencies, explains Vozpópuli.
The cryptocurrency of the Arab bath chain Hammam Al Ándalus will be the example followed by the Madrid Fintech Tourism Commission to create an international cryptocurrency for the tourism sector.
A few months ago the company launched a search for financing to expand its business and for this, it needed 24 million euros, something complicated to obtain at the moment through traditional channels.
Therefore, it began to raise funds through digital instruments and created the Helysia token, approved by the CNMV, which allows this type of operation up to a maximum of 5 million per year.
At its launch, one unit of Helysia was exchanged for one euro, but was sold at a 10% discount, equivalent to 1.10 euros, as explained by the same media outlet. Now, this token has been revalued to €2.24.