Chain4Travel reaps €5.2M in Camino crypto token sale

Blockchain startup Chain4Travel has sold 50 million of its Camino (CAM) tokens raising €5.2 million.

The company, which aims to establish a blockchain-based ecosystem that enables trading between travel companies as well as with consumers, set a goal of selling 50 million tokens by September 23.

The completion of the private pre-sale comes after Chain4Travel announced seed funding of £3.6 million in May.

The startup says more than 300 international companies and private investors across Europe, Asia, North and South America and Australia were involved in its initial token sale.

Chain4Travel's aim was to issue 5% its total tokens in the private pre-sale ahead of the Initial Exchange Offering (IEO) next year.

Chain4Travel says the €5.2 million will be put towards further technical development and maintenance of the Camino blockchain as well as business development.

Ralf Usbeck, CEO of Chain4Travel, says: "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."

The company was set up by Usbeck, founder of TravelTainment and Peakwork, Thomas Stirnimann, former CEO of Hotelplan and Pablo Castillo, former CIO of Hotelplan.