Another big player is making a soft pivot.
This time it is the home-rental platform Airbnb which is going the crypto route as per the company’s initial public offering (IPO) prospectus. The company hopes to raise $3 billion.
Airbnb’s “future success will … depend on our ability to adapt to emerging technologies such as tokenization, cryptocurrencies, new authentication technologies,” reads the prospectus filed with the US Securities and Exchange Commission on Monday.
The document further lists blockchain and distributed ledger technologies besides virtual and augmented reality, artificial intelligence, cloud technologies, and biometrics in its new authentication technologies, defining its future success.
The company, which has more than 40 million users, also mentions that it intends to “spend significant resources maintaining, developing, and enhancing our technologies and platform.” Still, these efforts could be more costly than expected and may not even be successful.
The housing rental giant previously said it had no plans to accept bitcoin or crypto, but that came before back in 2016 it acquired crypto-tipping service ChangeTip. And if Airbnb becomes the latest company to adopt crypto, it will drive immense adoption for Bitcoin after PayPal’s announcement last month. AirBNB had partnered with Fold crypto rewards app back in November 2019.
The company reported $219 million in net income on $1.34 billion revenue in the last quarter, down almost 19% from $1.65 billion in revenue the prior year.
The company said it plans to trade under the ticker symbol “ABNB” on the Nasdaq exchange for its debut on public markets.
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