And finally…Perth hotel to accept new cryptocurrency established by Scot
Landmark Perth Hotel, The Lovat, has announced it will start accepting a recently launched cryptocurrency as payment from customers, with the aim of future proofing the hotel.
The hotel has become the first official partner of Incognito (INC), a cryptocurrency launched earlier this year by a University of Strathclyde graduate.
The cryptocurrency describes itself as the most secure coin currently on the market.
The idea was sparked by a conversation between a customer and new owner, Alfredo Alongi, when they discovered they both trade the same cryptocurrency.
Edinburgh-based Alfredo said: “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.”
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.
Alfredo said: “The Lovat is an institution which local people care deeply about, so we want to make sure we respect its heritage. The musical theme of the new restaurant is an homage to live music acts which historically took centre stage in the hotel. The walls are now covered with records and musical instruments to reflect that. Also high on our agenda was to invite back the staff who had been let down by the previous management due to the sudden closure at the start of the year.
“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 the new restaurant and now we’re accepting Incognito.”
Aside from offering customers more choice when it comes to paying for their room, Alfredo believes cryptocurrency offers financial benefits for the hospitality industry.
Alfredo said: “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. 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.”