Australia’s Luxury Resort ‘Great Keppel Island’ Seeks $300 Million via ICO
ICOs have been wildly successful for many cryptocurrency endeavors, so it makes sense that Australia’s own government is looking to fund one of their luxury islands with one. The Great Keppel Island is trying to acquire $300 million in funding, and their token sale will allow any investor to have a stake in the island.
Considering the scenery around Australia, the decision to host a luxury resort with the Island is an easy decision, and the only issue that it faced was a lack of funding to make it better. A collective group for the area is hosting the token sale. However, instead of being considered a security or being assigned numerical value, the token will specifically be for a portion of the island. Overall, the goal is to develop a resort that holds 750 villas, 300 luxury apartments, and a five-star hotel that sits on the beach.
With this first round of funding, there is no specific amount that investors must meet minimally, though some publications in the area suggest that any real stake will come with a six-figure price tag. During later sales, retail investors will be able to purchase Great Keppel Island Tokens (GKI), which will be available for trading on crypto exchanges that are already established. Hopefully, the completion of the area will make the area worth billions, which should secure the growing price of GKIs.
There used to be a resort on the island that was successful for a time, and the owner of that resort will maintain a consistent 12% of the tokens in supply. Tower Holdings presently owns 70% of the island, but this new token sale could be enough to help with the redevelopment of the area. In a promotional video, the group said, “This is your chance to acquire the rarest gem on earth.”
The announcement continues, saying that the same opportunity is not likely to happen again, and many investors are expecting a whitepaper on the opportunity. The development plans should be available by the end of this week or the beginning of next.
This is one of the many initiatives being set up around the world. Aspen Digital is offering shares of the St. Regis Aspen, which could also help other firms to stand up and do the same.