LucidPay announced plans to launch a stablecoin for the hospitality industry, built on the Tezos blockchain network.
LucidPay is a global leader in the hospitality industry, enabling innovative payment processing and blockchain solutions that enhance the guest experience across hospitality offerings.
Tezos is one of the original proof-of-stake blockchain networks, with a proven track record of speed, security and reliability for globally accessible products and applications.
LucidPay’s blockchain-based, smart settlement system can be fully integrated with a hotel’s existing payment and point-of-sales systems and participating venues outside the hotel.
LucidPay’s blockchain solution is currently being used by hotels located in UAE and KSA, such as Atlantis, Sofitel on the Palm, Turtle Bay Hotel and Caesar’s Palace.
“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,” said Jawad Riachi, founder of LucidPay.
The Tezos-based stablecoin solution will further enhance the benefits of integrating LucidPay by enabling secure, fast and private transactions. The implementation of Tezos on the LucidPay platform will reduce transaction times to sub two seconds and creates an opportunity for scalability as a technology enabler.
The LucidPay platform allows hotel guests to pay for services, activities and amenities at a hotel using a wristband or digital wallet. The system leverages blockchain networks to securely record information, reducing the risk of fraud and the time it takes to resolve disputed payments.
“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,” added Waleed Rassuli, head of Tezos Gulf.