Ethereum-Based Private Jet Leasing Marketplace Jet Token is Raising $10 Million
Us based start-up, Jet token is currently raising $10 million for its Ethereum based private jets marketplace for hire. Anyone is free to hire the jets using ERC20 tokens. Jet token says this method of payment is very convenient and fast. A single flight from NYC (New York City) to Miami can cost $15,000.
The general aviation manufacturers association has said that currently, there are 14,217 private business jets in the US, leading in the private charter flights industry. However, currently, only 2,876 charter flights are remaining.
Focusing on the SEC
This company was founded in July 2018, and it was to compete with the TurnKey jet Inc. Turnkey Jet was the first crypto company to have a no-action letter from the SEC. Jet token, too, has decided to ride along with SEC decision on TurnKey. This decision was done to avoid their future tokens to be deemed securities.
This is what the jet token filling with the SEC read,
“We intend to operate in full compliance with the SEC’s guidance in the TurnKey Jet, Inc. No Action Letter dated April 3, 2019, and any future refinements to that guidance in the future, so that U.S. federal securities laws will not apply to the offer, sale and any resale of Jet Tokens,”.
The jets and the App
The jet Token company has outlined that it has already launched the IOS app and is planning to ship in this initial version of the app with built-in crypto payments by the end of this year.
The jet Token company will just serve as a broker for booking flights. However, they will also reserve their fleet of jets to compensate for a late or a canceled flight.
Also, the company filing reads,
“negotiated terms with Honda Aircraft Company for 4 Honda Jets and with Gama Aviation for the maintenance, management, and operation of our leased aircraft.”.