Tratok and Innovation in Tourism

  • The ethereum-based Tratok token can be used for booking services via a user-friendly app.
  • The project’s value has not only reached a market cap in the billions but is holding on to the status this past quarter.
Travel composition concept

Travel composition concept. Freepik

The story behind Tratok’s success is very interesting and far different to a typical blockchain venture. During the past two years, other companies gained millions from the public without ultimately providing any value to the ecosystem.

Tratok managed to do exactly the opposite – during the last eleven months they ascended from zero value to more than 1 billion in United Arab Emirates dirham (around quarter billion dollars). What’s even more important is that they have stayed above this billion-dirham valuation for the past business quarter.

Tratok is an exclusive token built on the ethereum blockchain, which can be used for tourism bookings and to appoint leisure and travel services via the Tratok Travel app. A well known story is the one of two U.K. tourists who already used the token to its best utility.

In September 2019, they managed to spend a whole week in Dubai in five-star luxury conditions. They can now take that one off their bucket list, purely thanks to the Tratok token.

The Tratok Travel app not only simplifies booking a place to stay, flight or renting a car, but does so in a more economical manner.

A key role plays Philippe Paillart, the chairman of the project, who is the former CEO of the largest bank in Southeast Asia. Managing more than $338 billion obviously requires substantial knowledge of finance.

Another factor for Tratok’s success is their excellent executive team and the vital role of custodian Mohammed Altajir. Although he denies when asked, it is said that Altajir is one of the biggest cryptocurrency holders at the moment.

When we talk about Tratok’s progress one should also mention the fact that they delivered their products seven months ahead of the agenda and their expanding number of business partnerships.

Good management is vital for a good business but you also need proper planning. The founders of Tratok conducted a thorough research and planned the possibilities.

They used surveys and studies and not only recognized problems in the industry, but also came up with solutions powered by the blockchain technology.

Tratok’s ecosystem is not just an additional payment mechanism that should replace the bills in our wallets, but a service that solves a big gap in clients’ demands.

Of course, there was a bit of luck in the timeline of the project, as their competitors’ publicly-funded projects kept on failing, even though the tourism sector was surpassing expectations.

During that period Tratok achieved a lot and in return received a lot of interest from service providers. The project still announces many new partnerships as blockchain continues to evolve.

Related Coverage
UAE Starts Accepting Licensing Applications for VASPs
  • All virtual asset service providers (VASPs) in the UAE are now required to submit a licensing application with the Securities and Commodities Authority.
  • Firms that have already acquired a license in the UAE’s financial free zones will be exempted from the requirement, but those in Dubai will still need to apply with the SCA.
April 18, 2023, 1:59 PM
united arab emirates


Dubai Adopts New Metaverse Strategy
  • Introduced by crown prince Sheikh Hamdan, the new strategy hopes to attract more than 1,000 blockchain and metaverse projects, and support 40,000 virtual jobs by 2030.
  • Sheikh Hamdan pointed out that the “two key enablers of the metaverse”, virtual reality and augmented reality, have already created 6,700 jobs in the area, contributing $500 million to the UAE economy.
OKX Acquires Provisional License in Dubai
  • Dubai’s Virtual Assets Regulatory Authority has granted OKX a provisional virtual assets license, enabling it to offer crypto products and services in the region.
  • The company now plans to establish a regional office in Dubai, as well as expand its team and infrastructure within the UAE.