Camino Network Foundation, a non-profit dedicated to advancing the growth of Camino Network, is introducing the inaugural public offering of Camino Token (CAM), the native digital currency of Layer 1 (L1) blockchain designed for the worldwide travel sector.
The public sale of CAM tokens follows a prosperous seed round for the project’s primary developer, which was succeeded by private pre-sale and industry rounds, showcasing robust interest from ecosystem participants and early investors. The cumulative fundraising reached 8.8 million CHF (approximately $10 million).
Setting the Stage for Travel Industry Transformation
Situated in Zug, Switzerland, the Camino Network Foundation is a non-profit organization dedicated to advancing the creation of a blockchain-based ecosystem within the worldwide travel industry. This foundation actively promotes the development of Camino Network, the pioneering Layer 1 blockchain uniquely designed for the travel sector, crafted by experts in travel technology.
Camino Network operates as a public and permissioned platform governed by a consortium of participants in the travel sector. Its goal is to revolutionize the travel industry by empowering users to create and implement decentralized applications fueled by smart contracts, paving the way for innovative travel-related products and services in a new era.
Camino Network has already launched its initial promising decentralized applications (dApps), with over 170 key players in the travel industry actively participating in and endorsing the ecosystem. This diverse group comprises major entities such as airlines, technology providers, hotels, and tour operators, with prominent brands like Lufthansa, TUI, DER Touristik, Eurowings, Sunny Cars, Sixt, and more contributing to the network’s growth and success.
CAM serves a crucial function within the Camino Network as its native cryptocurrency. It plays a pivotal role in enabling seamless transactions, motivating active participation, addressing B2B distribution hurdles, and innovating new business models. Additionally, CAM contributes to enhancing accessibility to Web3 technologies for organizations operating within the travel sector.
Unlocking the Future with CAM Token Public Sale
The total supply of CAM tokens is 1 billion, with 900 million pre-minted during the project’s inception on April 26, 2023. The remaining 100 million tokens were deliberately left unminted and are presently utilized for rewarding deposits. In September of the previous year, Camino Network successfully achieved its private pre-sale target, raising 4.6 million CHF.
In the initial public sale, buyers will have access to 75 million CAM tokens, distributed across three tranches, each consisting of 25 million tokens. The pricing structure begins with the first tranche at 0.15 CHF. Subsequently, the second tranche is priced at 0.175 CHF, followed by the third at 0.2 CHF. Participants in the sale are required to commit a minimum of 1,000 CHF to acquire CAM tokens.
Each token will undergo a 1.5-year lockup period, featuring a vesting duration of 1 year. Participants will receive rewards at a yearly rate of 3% for a span of 2 years, commencing from the public sale. This structure results in participants having a cumulative reward rate of 6% for the unlocked tokens.
In accordance with Swiss and European regulations, CAM is officially classified as a utility token, serving the purpose of facilitating transactions and offering utility through network validation, as well as access to designated products and services. This versatile utility establishes CAM as a fundamental component within the Camino Network’s ecosystem, playing a pivotal role in its functionality and expansion.
The specific listing date will be disclosed by the Camino Network Foundation once all prerequisites for a successful launch have been satisfied. The Camino Network Foundation’s commitment to a successful launch further reinforces the potential impact of CAM Token, laying the groundwork for a new chapter in the global travel ecosystem.
