Chain4Travel has raised seed funding of £3.6 million for the development of its blockchain-based travel platform, known as Camino.
The Switzerland-based business was launched by Ralf Usbeck, who previously founded TravelTainment and Peakwork, Thomas Stirnimann, former CEO of Hotelplan, and Pablo Castillo, former CIO of Hotelplan.
Chain4Travel wants to build a blockchain platform for B2B and B2C leisure travel products from hotel rooms and car rental to inflight food and beverage.
The investment will go toward the launch of the blockchain as well as its first applications this year.
All information about products and services including health and safety and updates about any restrictions will be fed into the platform and available as non-fungible tokens (NFTs).
Going forward the blockchain will be managed by travel industry partners with Chain4Travel transferring the intellectual property and financial reserves into a foundation.
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The Camino token pre-sale is planned for July/August while an initial coin offering (ICO) is scheduled for the end of 2022.
"We are launching Chain4Travel at the right time. Blockchain technology has the potential to revolutionize the global travel industry. We have the support of leading partners and experts in the international travel and technology business on our side to help us take off in full swing starting this year," says Usbeck, CEO of Chain4Travel.
Stirnimann, COO of Chain4Travel, adds: "The enormous potential of blockchain technology enables the travel industry to adopt new ways of thinking and visions in the distribution and marketing of travel products. The development will move very fast and rapidly change the processes we are used to."