More than 300 companies and private investors from Europe, Asia, North and South America and Australia participated in the sale
Chain4Travel hits target for €5.2m private pre-sale of Camino crypto tokens
Blockchain start-up Chain4Travel has hit its target for the pre-sale of its Camino crypto tokens after 50 million were made available.
The digital tokens were made available in an initial sale to interested companies and private investors from the travel industry.
Demand by the deadline of September 23 was described as “enormous” and the Camino tokens will now be transferred to early investors in the coming weeks.
The total value sold corresponds to a value of five million Swiss francs (around €5.2 million), Chain4Travel reported.
The firm recently closed a first seed financing in June for 4.3 million Swiss francs. The pre-sale of the tokens invited partners and private individuals who support the concept of a common blockchain operating system for the travel industry to be early investors.
The goal was to issue 5% of the total tokens in the private pre-sale before an Initial Exchange Offering (IEO) takes place next year.
More than 300 companies and private investors from Europe, Asia, North and South America and Australia participated in the sale.
Chain4Travel said among them were well-known tour operators, airlines, incoming agencies and accommodation providers, car rental companies as well as travel technology companies and other partners such as providers of customer loyalty programs.
In the future, the Camino token will enable people to buy and sell services and products as part of the network, and travel companies in the network will act as validators and participate in the operation of the travel industry blockchain.
Ralf Usbeck, chief executive of Chain4Travel, said: "We are very pleased with the closing of our private pre-sale.
“We are starting to build the Camino blockchain with a solid financial backing, numerous motivated supporters and validators who play an important role in the security and further development of Camino - excellent conditions for our joint network."
Thomas Stirnimann, chief operating officer of Chain4Travel, added: "The topic of blockchain and Camino has arrived in the travel industry. In the coming weeks and months, we will set up the joint network as broadly as possible so that all partners can benefit from the advantages of this decentralized technology."
Chain4Travel aims to establish a decentralised blockchain-based network for efficient and secure trading of travel products between participants.
It expects Camino to provide synergies and new forms of partnership among uniquely identified trading partners with stable and low transaction costs. In future, the network will be operated and managed by the industry.