Airbnb has a new competitor. Emirates-based CryptoBnB is looking to match users with places to stay by using blockchain technology, and it’s launching an initial coin offering in two weeks.
CEO Tariq AlWahedi told Cheddar that while his company’s name is similar to Airbnb’s, he’s not worried about any potential confusions, since the applications are “totally different.”
“We were not trying to imitate Airbnb over here. The idea was that we wanted to build a platform in cryptocurrency that serves bed and breakfast,” he said. “We are building a decentralized network over here to enable trust.”
CryptoBnB is betting on blockchain technology to ensure safety, and to provide information that both hosts and renters can trust, something Airbnb has been accused of lacking. Still, Airbnb has, in the last decade, amassed 4 millions listings worldwide, It operates in over 191 countries, and has hosted more than 260 million guests. CryptoBnb has not launched its services yet.
And while the short-term lodging company has grown exponentially, the hotel industry and local governments have made efforts to crack down on the company, due to concerns that it's saturating the rental market and driving prices up.
In terms of the potential legal woes that come with the industry, AlWahedi says his company is looking at regulations as they change, and that CryptoBnB’s person-to-person system allows users to abide by local laws.
“I think this is the trouble that other platforms that are centralized get into,” he said. “But here, it would be a [platform] where people can showcase what they have.”
For full interview [click here](https://cheddar.com/videos/meet-the-airbnb-for-crypto).
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
About 780,000 pressure washers sold at retailers like Home Depot are being recalled across the U.S. and Canada, due to a projectile hazard that has resulted in fractures and other injuries among some consumers.
