Winding Tree, a blockchain-based travel booking system, is shutting down after seven years.
In a letter on its website, CEO Maksim Izmaylov said the decision was driven by the crypto industry’s “unpreparedness and the need for more understanding and trust in blockchains within the travel sector.”
He added that the company had “failed to find a product market fit” and that the industry needs a “coordinated effort of travel companies” to make this sort of initiative work.
Winding Tree did manage to strike up a number of partnerships with airlines including Lufthansa, Air France-KLM and, most recently, American Airlines all working with the company to drive direct distribution.
Meanwhile, Simard, a corporate travel technology provider based on the Winding Tree blockchain marketplace, ceased operations in May. The company was launched in 2021 but was unable to attract sufficient funding to enable it to scale.