Things are getting serious:
Cryptocurrency behind Great Keppel Island's $300 million resurrectionhttps://www.smh.com.au/business/companies/cryptocurrency-behind-great-keppel-island-s-300-million-resurrection-20180903-p501ip.htmlNow an ambitious cryptocurrency consortium plans to resurrect it as a high-tech wonderland including a luxury resort, private villas and apartments, a golf course, retail outlets and a marina in what is being sold as the world’s largest cryptocurrency-backed property deal.
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In coming days investors will be invited to buy so-called Great Keppel Island Tokens in order to fund the $300 million development through what is known as a Security Token Offering, similar to an initial public offering for shares.
The tokens will be tradeable on existing cryptocurrency exchanges. Unlike other cryptocurrencies though, the GKI Tokens will be backed by the value of the development, which the consortium behind the deal claims will be worth billions after the development is complete.
If this works, ICO could be seen as the most effective way to raise funds even for high profile developments. But something tells me this will end up as just another money-grab scheme where ownership of token means nothing. Anyhow, looking forward to the whitepaper.
