A hotel accepting cryptocurrency payments to open in Switzerland

Dubai-based hotel chain FIVE Hotels and Resorts is planning to open a branch in the Swiss capital and start accepting cryptocurrency transfers for accommodation and services.

The organization, which owns the FIVE Hotels and Resorts brand and is headquartered in Dubai, already has two branches in the UAE — FIVE Jumeirah Village and FIVE Palm Jumeirah. At any given time of the year, the hotel occupancy rate is 94%.

The company plans to open a new branch in Zurich on June 0. FIVE Zurich will accept cryptocurrency payments, primarily bitcoin and ethereum. The hotel’s decision to accept cryptocurrencies was simple, as approximately 78% of its customers are young people under the age of 5. This age group accounts for about 60% of cryptocurrency holders.