Cryptocribs is growing significantly. Cryptocribs is Ethereum-based start-up which is catering to the travel industry. It is providing the short-term rental experiences as well as a search engine for searching for such short-term accommodations to the public. In the last 3 months, it has actually listed 800 properties. According to the co-founder of the company, the platform did not spend any money on acquiring these listings. This is one of the main reasons why start-up definitely holds some promise as well. If indeed, it is able to acquire such a lot of properties, with some marketing, it would be able to scale up its business quite easily as well.
It is similar to Airbnb, but based on the blockchain
When you look at the business of the company, you might think that it is similar to Airbnb but the truth is that, it is based on the blockchain technology. Also, it is completely decentralized as well. The tenants, as well as the landlord, hold all their information and are able to directly communicate on the platform as well. Also, cryptocurrencies can be easily used on the platform’s as well. As compared to the other sites catering to the travel industry, the fees are also on the lower side. Airbnb roughly charges 20% while this platform just charges 5%. Also, as the properties are able to get more and more positive reviews, the fees would be dropping by 0.2% with each positive review. This ensures that the better properties have lesser fee’s as well and thus rewarding the landlords of those properties as well.
The company already has received takeover requests according to the co-founder of the company. This indicates that it is showing potential to the true investors as well and owing to this very reason, it is getting takeover offers as well. However, since it is based on the blockchain technology and it is just launching, you can be sure that the potential in this platform is actually huge. This is one of the main reasons why the co-founder does not want to sell it out currently.
The short-term accommodation and rental market
The short-term accommodation and rental market are under-penetrated still. There are many regions all over the world which do not use these platforms in order to rent out their properties. With the help of some marketing, the landlords would be able to know about these platforms which would help them use these platforms in order to find the short-term tenants as well. That is why for cryptocribs, this is just the start.
Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.
