Travala.com, the holiday website that allows users to pay with cryptocurrency, is in talks with potential buyers after receiving an unsolicited takeover approach late last year, according to two people with knowledge of the matter.

The Binance-backed company received an inquiry, triggering outreach by Travala's advisers to major online travel agencies such as Booking.com, one of the world's largest online travel companies

Booking.com "kicked the tires" before deciding to pass on a potential acquisition, said the people, who spoke on condition of anonymity because the matter is private. Talks, however, are in progress with other potential buyers, but there is no certainty a deal will be done and the company may choose to remain independent, the people said.

Travala declined to comment. A spokesperson from Booking.com confirmed that Travala had reached out, that there had been a couple of calls where more information was shared and ultimately Booking.com decided not to progress.

The company could be valued at in excess of $100 million, the sources said. It had more than $100 million in revenue last year and that number is expected to grow exponentially in 2025.

Crypto ( CRCW ) exchange Binance will have say about whether a deal happens or not. It is a large minority holder of Travala and has a seat on its board. Binance declined to comment.

Travala is a Singapore-based crypto-native travel platform founded in 2017 that has its own loyalty rewards token AVA, which has a market cap of $47 million. The token has lost 40% this year.

Travelers can pay for their holidays in over 100 different cryptocurrencies as well as using traditional payment methods. As part of the AVA Smart Program, customers who book their trip with crypto can receive up to 10% back in bitcoin (BTC) or AVA, discounts, or token bonuses.

Booking.com is is owned by Booking Holdings ( BKNG ) , which is listed on the Nasdaq exchange.