Perth, Scotland-based hotel, The Lovat, is to start accepting a recently launched cryptocurrency as payment from customers. It has become the first official partner of Incognito (INC), which was launched earlier this year by a University of Strathclyde graduate and is pitched as the most secure coin currently on the market.
Hotel owner, Alfredo Alongi, says: “A guest was explaining they had recently lost their bank card and wished more businesses accepted cryptocurrency, allowing customers to pay another way. We got chatting and realised we were both part of the Incognito community. This prompted me to consider if cryptocurrency is something we should be embracing.”
Back in business
The Lovat shut suddenly in January but recently relaunched, under new management, with £250,000 invested in refurbishing the hotel, including the opening of a family restaurant.
“The Lovat is an institution which local people care deeply about, so we want to make sure we respect its heritage. Saying that, we’re fully aware the hotel needs to move with the times in order to thrive and we’re taking some radical steps to modernise the place. We’ve moved away from being a wedding provider, we’ve significantly invested in a new restaurant and now we’re accepting Incognito,” says Alongi.
He also believes cryptocurrency offers financial benefits for the hospitality industry. “Hotels lose out on a significant amount of revenue to online travel agents like Booking.com. Cryptocurrency has the potential to boost direct bookings as the transaction exists purely between the customer and the service provider – there’s no middle man and no additional fees for either party.”
There are also benefits to adopting this technology early on, he adds. As more consumers embrace cryptocurrency, they’ll be looking for businesses who are ahead of the curve and experienced in handling these types of transactions. “We chose Incognito over bigger players like Bitcoin and Ethereum for two reasons. It’s very accessible and affordable, meaning a wider range of people can invest in it. It’s also a more secure option, developed with an additional layer of protection, meaning it’s less open to potential issues like hacking. We believe that will be a bigger draw for the community likely to embrace this technology.”
There is a total supply of 888,888,888 coins available to be mined, bought or sold, with Incognito now listed on stocks.exchange, TradeOgre.com, Altex.Exchange and BiteBTC.com.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.