Bulgarian tech company Colibra will compensate passengers on delayed flights in Bitcoin, the company said.
Colibra is a community of frequent travellers who agree to share their compensation for flight delays of three hours or more in return for a payout if their flights are delayed for over 60 minutes.
Currently, airlines operating in the EU are not required to pay for delays of under three hours, which affect millions of passengers every year. Colibra also offers speedy payouts and deals with the airlines on behalf of passengers.
“Colibra’s flight compensation service pays for flight delays no airline would compensate (one to three-hour delays, which are not covered by the EU261 regulation). By doing so, we collect compensations from the airlines, take the market-average service fee, put the rest to a pool and then redistribute it upfront to our community members with delayed flights over one hour, thus making the regulation fairer, easier and accessible,” the company explains.
The payouts can now be made in Bitcoin, the company said in a blog post. Users can select whether to receive compensation at the BTC/EUR exchange rate on the day of the payment, or guarantee a fixed amount of Bitcoin regardless of the Bitcoin price when the compensation is due.
According to the company, this will be the first flight compensation ever paid in Bitcoin.