Per a report by The Sydney Morning Herald, on September 4, 2018, the Great Keppel Island in Queensland, Australia, is set to get “tokenized” to revamp the island’s economy which has seen better days in the past.
Crypto Paradise Down Under
Leisure islands and cryptocurrencies seem to meet at every crossroad which leads to ideal crypto fueled utopian ecosystem. This seemingly fictitious idea might not be a distant dream anymore, as investors gear up to fund a mammoth $300 million security token offering for an Australian island.
It is speculated that the island will feature world-class premium facilities, including luxury resorts, private apartments and mansions, a golf course, and retail outlets, among other fancy offerings.
Touted as the “world’s largest cryptocurrency-backed property deal,” the Great Keppel Island has the potential to become world’s first ever cryptocurrency powered self-sustaining micro-economy and usher in a new era of island economies that run solely on digital currencies.
As per the terms of the proposal, the present owner of the defunct resort at the island, Tower Holdings will be allotted 12 percent of the GKI tokens. It’s worth pointing out that Tower Holdings owns more than 70 percent of the Great Keppel Island’s area.
A detailed white paper is expected to be released come Friday or Monday, after which the investors will be invited to partake in the secured token offering. A total of three rounds of the offering will be held, with each ensuing round having a lower minimum investment required.
Greg Norman featured in a video marketing the upcoming GKI STO states,
“The development is fully supported from all levels of Australian government, federal, state and local, and has approval for the immediate development of an 18-hole international golf course. Also approved are 750 luxury villas … 300 luxury apartments and a five-star beachfront resort with 250 rooms and a 250-berth marina.”
STOs on the Rise
Thanks to incessant ICO scams, the need for a transparent and regulated mechanism of raising crypto funds has never been so crucial.
BTCManager reported on August 15, 2018, that investors had lost nearly $100 million in fraudulent ICOs till date. Hence, floating GKI digital tokens through an STO is a step in the right direction to attract government backing.
For the uninitiated, STOs differ from ICOs in the sense that collateral or a tangible asset is backing the tokens in case of a secured token offering, something that is lacking in initial coin offerings.