Coinspeaker
Camino Network Foundation Welcomes Former Ethereum Board Member Yessin Schiegg to Advisory Team
Camino Network Foundation, the non-profit responsible for overseeing the growth and development of the Camino Network, has appointed former Ethereum board member Yessin Schiegg to its advisory team.
Schiegg will lend his expertise in tokenomics and the broader Web3 economy to help guide the network’s development. His involvement is expected to play a pivotal role in ensuring the platform’s sustainability and success as the foundation continues to build its ecosystem.
Former Ethereum Board Member Joins Camino
Schiegg’s extensive professional background spans both traditional finance and the blockchain sector, bringing a unique blend of expertise to Camino. Before transitioning to the crypto industry, he started his career auditing banks with PwC. He later gained experience in private equity at Horizon21, which was subsequently acquired by SwissRe and later by BlackRock.
From there, he took on financial leadership roles, including CFO positions at Source Capital, an algorithmic trading firm, and Alpha Associates, another private equity firm.
He later left the company to join the Ethereum Foundation where he served on its Advisory Board. During his time at the organization, he helped Vitalik Buterin, Ethereum’s co-founder, secure funding for the growth of the smart contract-focused network.
Since then, he has held different roles within the crypto industry, the latest being CFO at the NEAR Foundation.
Schiegg has now joined the advisory board for the Camino Foundation, where he will work with other board members to help shape the next chapter of its success story.
“We are thrilled to welcome Yessin to the Camino Network Foundation’s Council. His extensive experience in web3 and his proven track record in web3 and traditional finance will be invaluable as we bridge the global travel industry with web3. We look forward to the strategic insights and leadership he will bring to our team,” said Thomas Stirnimann, the council president for Camino Network Foundation.
A Strategic Addition
The Camino Network Foundation, established in 2023, said the addition of Schiegg to the advisory team is part of its preparation for the upcoming launch of CAM, the native token of the layer-1 blockchain focused on the global travel industry.
The token is currently in its public presale phase and has a maximum supply of 1 billion tokens. Of this total, 900 million of the digital assets were created (pre-minted) when the network was launched on April 26, 2023. The remaining 100 million tokens were not minted and are currently used as rewards for deposits that qualify to earn them.
In September last year, Camino Network held a private pre-sale and raised 4.6 million CHF (Swiss francs). The funds helped the network meet a major funding goal ahead of its public sale, which started in January this year.
For the public sale, the foundation allocated around 75 million CAM tokens to investors participating in the sale. The presale will be conducted in three different rounds, each with 25 million tokens.
According to the Foundation, users can purchase the digital asset at the floor price of 0.15 CHF per token during the first round, while the second and third rounds will be sold at 0.175 CHF and 0.2 CHF, respectively.
Participants in the token sale cannot access the digital assets immediately. The foundation implemented a vesting period of 1.5 years for CAM before their release. However, users will be rewarded with an annual interest rate of 3% on their locked tokens for two years.
Camino Network Foundation Welcomes Former Ethereum Board Member Yessin Schiegg to Advisory Team
