LucidPay, a company that provides a settlement platform designed for the hospitality industry and smart cities, has just announced it will release a stablecoin for the hospitality industry based on Tezos, a blockchain network with a proven track record of speed, security and reliability for globally accessible products and applications.
LucidPay’s blockchain solution, which is being used by hotels from UAE and KSA such as Atlantis, Sofitel on the Palm, Turtle Bay Hotel and Caesar’s Palace, can be fully integrated with a hotel’s existing payment and point-of-sales systems and participating venues outside the hotel.
Jawad Riachi, founder of LucidPay, has said:
“One of the main challenges of blockchain technology is performance. We have full confidence in the new enterprise grade high performance blockchain built by Tezos sidechain team which is crucial to our growth.”
The solution based on the Tezos blockchain will enable secure, fast and private transactions. Thanks to the implementation of Tezos on the LucidPay platform, transaction times will be reduced to less than 2 seconds. In addition, this will create a great opportunity for scalability as a tech enabler.
Hotel guests can pay for services, activities and amenities at hotels using a wristband or digital wallet thanks to LucidPay.
Waleed Rasoulli, Head of Tezos Gulf, said:
“This announcement marks a transformational moment for LucidPay and the hospitality industry. By building on Tezos, LucidPay will have the opportunity to deliver on scalability and speed of transaction which is absolutely crucial in the payment sector.”
Apart from the hostel industry, Tezos will allow LucidPay to expand its applications to support additional sectors including tourist attractions, food and beverage service outlets, among others.