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Zug, Switzerland, January 31st, 2024, Chainwire
Camino Network Foundation, the non-profit organization fostering the development of Camino Network, is announcing the first public sale of Camino Token (CAM), the native cryptocurrency of the Layer1 for the global travel industry.
The CAM token’s public sale comes in the wake of a successful seed round of the project’s main developer, followed by private pre-sale and industry rounds that saw strong demand from ecosystem participants and other early investors. In total, 8.8 m CHF (approx 10m USD) were raised.
Camino Network is a public and permissioned blockchain specifically designed for the travel industry and run by a consortium of travel industry participants. It promises to transform the travel industry by enabling participants to build and deploy decentralized applications powered by smart contracts, ushering in a new era of travel-related products and services. First promising dApps are already live on Camino Network – and more than 170 major travel players, from airlines, technology providers and hotels to tour operators are part of the ecosystem and supporting the network. These companies include major brands like Lufthansa, TUI, DER Touristik, Eurowings, Sunny Cars, Sixt and others.
Within the Camino Network, CAM plays a vital role as its native cryptocurrency, facilitating transactions, incentivizing participation, solving B2B distribution challenges while creating entirely new business models and making Web3 technologies more accessible to organizations within the travel sector.
The CAM total supply is 1 billion tokens, of which 900 million were pre-minted at the time of origin on April 26, 2023, and 100 million were left unminted and are currently used to issue rewards for deposits that accrue them. In September of last year, Camino Network hit the target of its private pre-sale of 4,6 million CHF.
For the first public sale, 75 million CAM tokens will be available for buyers in three tranches of 25 million tokens each. The first tranche will be priced at 0.15 CHF. Once sold out, the second tranche is set at 0.175 CHF and the third costing 0.2 CHF. Participants in the sale must commit a minimum of 1,000 CHF to acquire CAM tokens. All tokens will be locked for a period of 1.5 years, with a vesting period of 1 year. The participants will be rewarded at a rate of 3% per year for 2 years, beginning at the public sale which leaves participants with a total reward rate of 6% of unlocked tokens.
Under Swiss and European legislation, CAM is legally defined as a utility token that’s used to facilitate transactions and provide utility in the form of network validation and access to specific products and services. This multi-dimensional utility makes CAM an integral part of the Camino Network’s ecosystem, acting as a key element in its operation and growth. The Camino Network Foundation will announce the exact date for the listing once all conditions for a successful launch are met.
Participate here: https://camino.network/public-sale
Please note that this is not a financial advice.
About Camino Network Foundation
Camino Network Foundation is a non-profit organization based in Zug, Switzerland, driving the development of a blockchain-based ecosystem in the global travel industry. The Camino Network Foundation supports the development of Camino Network, the first Layer 1 blockchain built specifically for the travel industry by travel technology experts.
Avishay Litani
[email protected]
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