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Virgin Voyages, the innovative cruise line founded by Sir Richard Branson, has announced that it now accepts Bitcoin (BTC) as a payment option for bookings.
This move makes Virgin Voyages the first cruise line to adopt crypto payments amid a growing trend in the travel and hospitality industries to embrace digital currencies.
According to Virgin Voyages’ announcement, passengers can now use BTC to pay for cruises across its fleet, including its highly anticipated “Annual Pass.” Virgin Voyages’ Annual Pass, which provides a variety of exclusive benefits to frequent travellers, is also the first cruise product to accept cryptocurrency payments.
This bold step highlights Virgin Voyages’ commitment to appealing to younger, tech-savvy travellers and digital asset enthusiasts, who are increasingly integrating cryptocurrency into their everyday transactions.
Notably, Virgin Voyages’ decision to accept Bitcoin comes at a time when other sectors of the travel industry are exploring cryptocurrency options.
Of late, airlines and hotels have started accepting crypto payments to capitalize on the growing interest in digital currencies. Platforms like Travala, a crypto-native travel service, have already partnered with major travel websites like Skyscanner to allow users to book over 2.2 million hotels using cryptocurrency.
The move is part of a larger strategy by Virgin Voyages to differentiate itself in a competitive industry.
Founded in 2014 as a joint venture between the Virgin Group and Bain Capital, Virgin Voyages has consistently aimed to offer a modern, youthful alternative to traditional cruising. The company’s fleet, which includes the Scarlet Lady, Resilient Lady, and Valiant Lady, offers itineraries designed for a younger demographic, with shorter Caribbean cruises and exclusive experiences.
Virgin Voyages’ embrace of cryptocurrency is likely to further set the cruise line apart as it continues to push the envelope in customer service and innovation.
As digital currencies become more mainstream, Virgin Voyages’ decision to accept Bitcoin may inspire other cruise lines to follow suit in the near future.
American spaceflight company Virgin Galactic has announced preparation for a highly anticipated milestone as it prepares to launch its first spaceflight in nearly two years.
This crucial flight serves as the Virgin Galactic Holdings‘ (NYSE: SPCE) final test before the company begins flying commercial passengers, marking a significant step forward in the realization of its space tourism vision.
The mission called ‘Unity 25’ represents the company’s fifth space voyage and is expected to launch from Spaceport America in New Mexico. According to reports, six Virgin Galactic staffers will be traveling on this mission for a brief voyage to the edge of space.
Notably, VSS Unity will be piloted by Virgin Galactic’s Mike Masucci and CJ Sturckow, while carrier aircraft VMS Eve will be flown by Jameel Janjua and Nicola Pecile. Notably, the firm has 600 bookings for tickets for upcoming flights, priced between $200,000 and $250,000 each.
Unlike its previous mission, which carried founder Sir Richard Branson, in July 2021, Virgin Galactic said it will not publicly broadcast the flight. Instead, the corporation intends to provide updates on Unity 25′s progress via social media platforms.
According to the details provided, the carrier aircraft VMS Eve is scheduled to take off at 10 a.m. ET. This significant flight will see the aircraft carrying Virgin Galactic’s VSS Unity spacecraft to an altitude of around 40,000 feet, before releasing the rocket-powered vehicle to continue its journey.
Once released from the carrier aircraft, the VSS Unity will ignite its engine, propelling itself further into the heavens. The aim of this flight is to surpass an altitude of 80 kilometers, which is the internationally recognized boundary of space in the United States.
At this altitude, passengers on board the VSS Unity will experience the incredible sensation of weightlessness and gaze upon the Earth from the awe-inspiring perspective of space. Depending on the results and data from Unity 25, the company hopes to fly its first commercial flight in “late June”.
By reaching the boundary of space, Virgin Galactic aims to push the boundaries of what is possible and inspire generations to come. This flight represents the culmination of years of meticulous planning, engineering advancements, and rigorous testing.
Virgin Galactic’s attempt to break through this barrier is both a show of its technological capabilities and a step toward its eventual aim of making space travel available to the general population. The lessons learned from these flights will be used to enhance and improve systems and processes, assuring the safety and comfort of future passengers.
The success of Virgin Galactic goes beyond tourism. The data and knowledge that will be gained during this flight will help to progress scientific research and technology. It will provide essential insights into the impacts of microgravity, spacecraft behavior, and prospective uses in a variety of sectors.
Furthermore, Virgin Galactic’s determination and dedication will serve as a key challenge to other firms including SpaceX and Blue Origin that are working towards similar goals.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Aerospace spinoff Virgin Orbit recently shut down, ending six years of operation after failing to secure a funding lifeline.
Virgin Orbit has shut down its operations following the disposal of its assets and equipment to a trio of aerospace companies in a bankruptcy sale. The company confirmed its closure after Rocket Lab (NASDAQ: RKLB), Stratolaunch, and Vast’s Launcher procured its assets in an auction. Virgin Group thanked all its stakeholders for contributing to the company’s six-year operations, during which it advanced the aerospace industry.
The statement read:
“As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders. Virgin Orbit’s legacy in the space industry will forever be remembered. Its ground-breaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry.”
Virgin Orbit’s shutdown of operations came over seven weeks after the company filed for bankruptcy protection in early April. At the time, the Virgin Galactic (NYSE: SPC) spinoff had failed to secure funding that could ensure its survival. Virgin Orbit also laid off almost all its staff because of the insolvency crisis.
Virgin Group founder Sir Richard Branson spun Virgin Orbit out of Virgin Galactic on March 2nd, 2017. Branson founded the company to develop and market the LauncherOne two-stage orbital launch vehicle. The LauncherOne rocket was previously a project under Virgin Galactic, Branson’s space tourism venture.
Although Virgin Orbit flew several missions, the small satellite launcher encountered difficulty raising funds. It was this problem, and slow execution, that ultimately led to the California-based company’s demise.
Virgin Orbit sold its facility leases and equipment in a bankruptcy auction on Monday, with bids approximating $36 million. However, a spokesperson confirmed that about six of the company’s rockets in various stages of assembly were not part of Monday’s sales. In addition, the company spokesperson also revealed that Virgin Orbit’s intellectual property has yet to be sold.
Rocket Lab, one of the auction’s buyers, successfully bid $16.1 million for Virgin Orbit’s headquarters in Long Beach, California. The New Zealand-founded aerospace company already has its headquarters and facilities in the same area close to Virgin Orbit. By securing its bankrupt neighbor’s facility, Rocket Lab now has an additional 140,000 square feet of physical space to enhance its own operations. The company also purchased other assets from the defunct Virgin Orbit, including 3D printers and a specialty tank welding machine.
In a press release, Rocket Lab said the newly acquired assets will improve all-round operability, especially the development of the larger Neutron rocket. The company’s founder and chief executive officer, Peter Beck, explained:
“This transaction represents a capital expenditure savings opportunity to augment our [well-advanced] production capability to bring Neutron to the launch pad quickly to serve our customers and their future success.”
Another asset-bidder, Stratolaunch, secured Virgin Orbit’s modified rocket-carrying 747 jet for $17 million. A spokesperson said the company procured the aircraft to boost its service capacity.
Meanwhile, Vast Space subsidiary Launcher acquired Virgin Orbit’s facility in Mojave, California, and additional assets, for $2.7 million. The Mojave lease comes with rocket engine test stands and an aircraft hangar.
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When Virgin Orbit went public, its valuation was pegged at around $4 billion, however, the tides have shifted over the past few months with the company’s market capitalization now pegged at around $65.38 million.
Satellite launcher and space technology company Virgin Orbit Holdings Inc (NASDAQ: VORB) has filed for Chapter 11 bankruptcy in the United States bringing a solemn end to its months of financial instability. As reported by CNBC, the bankruptcy was filed in the US Bankruptcy Court in the District of Delaware and it became precipitated as the company was unable to secure additional funding from investors.
Virgin Orbit was founded in 2017 by Sir Richard Branson who also maintains 75% ownership of the firm. The company went public in 2021 shortly after it started its commercial services. Since it started its operations, the company has recorded a total of 6 missions, of which only 4 were successful.
Coupled with the strained global economy over the years, Virgin Orbit has been unable to meet its core financial obligations with Sir Branson refusing to provide additional funding for the firm.
“While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business,” Virgin Orbit CEO, Dn Hart said in a statement released earlier today.
The company will one of the top outfits in the United States that have met its Waterloo as firms in highly volatile markets like Genesis Trading have also filed for bankruptcy this year. The difference with Virgin Orbit is that its creditors are fewer, and there is trust in its technology which appears attractive to buyers at this time.
“We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the Company. At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale,” he added.
While the focus of the company remains to sell off its assets, there is a general move by the company to lay off its workers in order to cut down on its costs significantly.
“Today my thoughts and concerns are with the many talented teammates and friends now finding their way forward who have been committed to the mission and promise of all that Virgin Orbit represents,” CEO Dan Hart said.
When Virgin Orbit went public, its valuation was pegged at around $4 billion, however, the tides have shifted over the past few months with the company’s market capitalization now pegged at around $65.38 million.
Besides Sir Branson, the Abu Dhabi sovereign wealth fund Mubadala which holds the second-largest stake in the firm at 18% will come off as the biggest loser now that the company has filed for bankruptcy.
The search for a suitable buyer is ongoing as the firm looks to gradually close all of its operations in its active areas.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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News of the operations halt, failed funding, and job cuts did not sit well with shareholders as Virgin Orbit saw its shares are down 50% after the announcement.
Aircraft engineering company Virgin Orbit Holdings Inc (NASDAQ: VORB) has revealed plans to halt operations after failing to secure a funding lifeline as expected. The company’s CEO, Dan Hart, relayed the unfortunate news to employees on Thursday, adding that there would be a massive layoff. Before the move to halt operations, there were words on the street that Virgin Orbit was expecting a $200 million investment from venture capital investor Matthew Brown. Reuter cited a term sheet that shows that the company was about to close a deal with the investor via a private share placement.
The news came to light while Virgin Orbit was on the verge of going bankrupt. Hence, the expected capital was crucial to the company’s survival as it is in its most challenging financial mess since its inception. The firm recorded an almost $44 million loss in the third quarter. During the same period, its cash reserve plunged from $122 million to $71 million. In addition to the expected investment from Brown, there were rumors that Virgin Orbit was discussing with two restructuring firms for financing. The said firms are Ducera and Alvarez & Marsal (A&M).
However, all efforts to secure a funding lifeline have proved abortion for Virgin Orbit, who has resorted to halting all operations. The CEO revealed that the company could not secure the funding that would have provided “a clear path” out of the current financial situation. During an all-hands meeting, he explained that Virgin Orbit is left with no choice but to halt operations and “implement immediate, dramatic, and extremely painful changes.”
As a result of the “painful changes,” Virgin Orbit is dismissing almost all of its workers. The company will fire all but 100 positions. The company noted in a filing that the layoff would affect 675 positions or approximately 85%. With concern in his voice, Hart said:
“This company, this team – all of you – mean a hell of a lot to me. And I have not, and will not, stop supporting you, whether you’re here on the journey or if you’re elsewhere.”
News of the operations halt, failed funding, and job cuts did not sit well with shareholders as Virgin Orbit saw its shares drop 50% after the announcement. The company’s stock is currently trading at $0.17. The aircraft engineering company has lost over 95% in the last twelve months.
To support the departing workers as it halts operations, Virgin Orbit promises severance packages. At the same time, the CEO said there would be cash payment and an extension of benefits. Hart mentioned providing a “direct pipeline” with sister company Virgin Galactic (NYSE: SPCE) to help victims of the job cuts find new positions.
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Virgin Orbit stock is up over 73% in the pre-market while yesterday it closed down almost 15%.
Aircraft engineering company Virgin Orbit (NASDAQ: VORB) is about to close a deal with venture capital investor Matthew Brown. Reuters reported the news referring to a term sheet that reveals that the company is nearing an agreement with the investor via a private share placement. Meanwhile, Virgin Orbit is moving toward filing for bankruptcy if it does not secure capital as soon as possible. The space technology company has been in a financial mess, being the most challenging funds matter since its inception.
Words on the street were that the company which provides launch services for small satellites was in talks with two firms for financing. The said restructuring firms are Alvarez & Marsal (A&M) and Ducera. However, the latest news on potential financial backing from Mathhre Brown could help Virgin Orbit survive these challenging times. Virgin Orbit posted a loss of almost $44 million in Q3. During the three-month period, its cash reserves were reduced from 122 million to $71 million. The company saw its market valuation plunge to a record low of $15 million about 24 hours ago. Meanwhile, it boasted of over $4 billion market cap when it went public via a SPAC deal in 2021. The high competition in the space startup market also contributed to the company’s recent losses.
According to the term sheet, Virgin Orbit and Matthew Brown are looking to close the agreement on Friday. Upon the initial deal, there would still be a need for a final agreement. A person with direct knowledge of the ongoing discussion with Matthew Brown said executives of Virgin Orbit agreed to the deal during a meeting on Tuesday, the same day the company recorded its lowest market cap since its public debut.
Per the agreement with Virgin Orbit, Matthew Brown will have access to convert his investment in preferred shares into common shares. The conversion will be based on the volume-weighted average price within 30 days before the deal is concluded and signed. The converted shares will also have the same voting rights as the common stock.
Prior to entering an agreement with Mathew Brown, Virgin orbit was exploring strategic options to stay afloat in the sinking water. The satellite launch company recently announced a staff furlough, affecting almost all its workers. The news caused its shares to drop more than 43%. The same shares jumped more than X2 as Reuters reported news of incoming funding. At press time, Virgin Orbit Holdings trades up 73.26% to $0.77, having closed down almost 15%. Market data shows no signs of gains for the past year. Instead, the company has lost 93.91% in the last twelve months.
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Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.
Sources familiar with the matter said that if Virgin Orbit fails to strike a deal this week, it’s preparing for restructuring in the case of insolvency.
As per the latest development, Richard Branson‘s Virgin Orbit might slip into insolvency ahead of this week in absence of a deal. Amid the current macro condition, the company has been struggling to secure a funding lifeline and avoid bankruptcy.
Last week, Virgin Orbit decided to pause all of its operations and furloughed its employees. Over the last weekend, Virgin Orbit CEO Dan Hart and other senior executives held key talks with interested parties, said the sources familiar with the matter on the condition of anonymity.
During the open meeting last week, Hart told employees that the company is looking to give an update on the situation as early as this Wednesday. Virgin Orbit has also been burning cash with its experiments failing to see success. Two months back, the company faced a mid-flight rocket failure while attempting to send the satellite to orbit from Cornwall, England. This led to a 20% fall in the company’s stock price.
On Monday, the VORB stock ended 20% in the red with another 4.5% fall in the after-market hours. As of yesterday’s closing, the VORB stock is currently trading at $0.51.
The top-tier talent at Virgin Orbit has already decided for moving away and are looking for new jobs. As per reports, nearly 750 employees at Virgin Orbit are searching for jobs elsewhere. As per the CNBC report, this talent ranges from executives to senior and lead engineers to program managers.
Although Virgin Orbit is making efforts to seal a new deal and avoid bankruptcy, there’s a situation of panic currently in the company, said the sources. One source also told CNBC that one possible buyer is showing hesitation at the proposed sale price of nearly $200 million.
One of the sources also said that Virgin Orbit has been preparing for bankruptcy simultaneously as it seeks to break a deal. The company has hired two firms – Alvarez & Marsal and Ducera Partners – to design a restructuring plan in the case of insolvency.
As said, Virgin Orobit has been conducting some bold experiments recently. They developed a system for sending satellites into space by using a modified 747 jet, that drops a rocket midflight place under the aircraft’s wing. However, its last mission suffered a midflight failure as its rocket failed to reach orbit.
Virgin Orbit spun out back in 2017 from Virgin Galactic with Richard Branson being its single-largest owner with 75% ownership. Emirati sovereign wealth fund Mubadala has the second-largest stake of 18% in Virgin Orbit.
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As a company, Virgin Orbit has a very definitive goal, and that’s to deliver small commercial satellites to Earth’s orbit.
Space technology company Virgin Orbit Holdings Inc (NASDAQ: VORB) is facing one of the toughest financial strains in its history and may file for bankruptcy if it fails to secure funding as soon as possible. According to a Fox News report, the company majority-owned by Sir Richard Branson’s Virgin Group has contracted two known restructuring firms, Alvarez & Marsal (A&M) and Ducera on alternative plans should it fail to land new funding soon.
The company has had to halt its operations following what many described as a major financial strain. While the reasons for the halt remain unclear, the firm said it is keeping up work on some core aspects of its operations.
“Virgin Orbit is initiating a company-wide operational pause, effective March 16, 2023, and anticipates providing an update on go-forward operations in the coming weeks, a Virgin Orbit Spokesperson said last week, adding that “On the ops side, our investigation is nearly complete and our next production rocket with the needed modification incorporated is in the final stages of integration and test.”
The strain in the global financial ecosystem is unarguably taking its toll on the California-based company. Virgin Orbit began seeing the major woes of its existence after the failed test to launch from the United Kingdom back in January. As reported by Coinspeaker at the time, the company’s space was expected to deliver about 9 satellites to orbit at the time, and the failure highlighted related events in the company’s short history.
The slump in the company’s shares decelerated at the time and a company that got listed on the NASDAQ through a Special Purpose Acquisition Company (SPAC) has seen a steady slump in its valuation. At listing, it was worth $3.7 billion but at the time of writing, its valuation has also slumped to just $217 million.
As a company, Virgin Orbit has a very definitive goal, and that’s to deliver small commercial satellites to Earth’s orbit. Since its inception, it has been able to lift off as many as 33 satellites using an adapted Boeing 747 plan designed for Virgin Atlantic.
While its model is supposed to be more robust compared to that of Virgin Galactic Holdings Inc (NYSE: SPCE) which it was spun from, recent events as it relates to mission failures and delays have largely casted doubt on its future.
Now that the firm requires immediate cash injections in order to stay solvent, failure to get these might lead to its bankruptcy, of which the restructuring firms are now employed to help navigate. The news of those willing to invest in the company remains shielded, however, Fox News sources confirmed that one of the company’s shareholders, Boeing Co (NYSE: BA) is not among the latest crop of investors that may help bail out the smaller firm.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
As of the end of Q3, Virgin Orbit has $71.2 million in cash and $30.9 million in revenue.
Shares of aircraft engineering company Virgin Orbit Holdings Inc (NASDAQ: VORB) dropped by 33% in extended trading as the company is discharging nearly all its workers. According to people familiar with the matter that spoke to CNBC, the company is additionally suspending operations for a week as it seeks a funding lifeline. Currently, at premarket trading, Virgin Orbit has declined further, with its shares currently down 43.86% in the premarket trading session.
Virgin Orbit executives announced the furlough to employees in a company-wide meeting on Wednesday. People present at the gathering gave the details of the gathering, noting that the involuntary leave is unpaid. While just a few of the staff will continue to work for the engineering company, the others will be able to cash in paid time off (PTO). In addition, top players in the company explained that there would hopefully be an update on the furlough and funding matter in the coming week.
A company spokesperson’s comment echoes the fact that Virgin Orbit is going through some tough times. The representative revealed that the aircraft engineering company is starting an “operational pause.” The person said Virgin Orbit plans to provide updates on “go-forward operations in the coming weeks.”
In addition, the spokesperson talked about the rocket-building business, hinting at an ongoing investigation on the last mission that failed. Virgin Orbit developed a system that utilized a modified 747 jet to transport satellites into space. This is achieved by releasing a rocker from a wing of the aircraft while in the air. The last mission failed as the rocket was about to reach orbit and eventually crashed into the ocean. News of the mission’s failure did not settle well with investors, resulting in a share loss of $8.53%. The LauncherOne rocket indeed was released after and was to deliver nine satellites to earth’s orbit.
Virgin Orbit’s representative recently stated:
“Our investigation is nearly complete and our next production rocker with the needed modification incorporated is in final stages of integration and test.”
Shares of Virgin Orbit have steadily declined from its debut of almost $10 per share in December 2021. The company has lost more than 85% since the past year, falling further by 45/51% since the year began. Virgin Orbit also has a 46.84% decline from its shares in the last three months and plunged nearly 36% over the past month.
As of the end of Q3, Virgin Orbit has $71.2 million in cash and $30.9 million in revenue. Fingers are crossed on the Q2 2022 results, which are yet to be announced.
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Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.