Business 2 November 2017Ed Drake
Former Credit Suisse Executive announces luxury goods ownership ICO
Initial coin offerings have been coming thick and fast this year, with well in excess of $2 billion raised through token sales in 2017 to date.
Now, former Credit Suisse executive Marco Abele looks set to join the field, following the announcement of the ICO for his luxury ownership startup, Tend.
The ICO will raise funds for the firm’s shared ownership technology, which will run on the distributed server processing system, ethereum.
The technology is designed to allow trading in ownership in luxury goods like high end jewellery and sports cars, and will make use of dynamic contracts to automate transactions.
According to Abele, the platform will offer individuals access to high end goods through portional ownership, an innovative concept that relies on the ethereum blockchain.
Abele was most recently in post at Credit Suisse as the head of digital, but has also gained executive experience at Deutsche Bank. Discussing the concept behind Tend, he said there was a clear emerging market for shared ownership in luxury goods as an experience.
“Many people today are finding that there is more value in experience than ownership, and that it is about access to fine things, not just possession of them. At the same time, conventional investments have become uninteresting for the modern generation. That makes meaningful, special assets increasingly desirable and hence valuable.”
The ICO will see the launch of the Tend service, with tokens to be legally constructed as bonds under Swiss financial securities regulations for the first time.
The tokens will ultimately be used to represent the store of value of shared ownership rights through the Tend platform. Abele went further, committing to handling the “care of the associated obligations of the object owners, including insurance and logistics.”
ICOs have come under increasing scrutiny in recent months, following a spate of activity in the sector. Regulators including the US Securities and Exchange Commission announced some ICOs fall within the scope of securities laws, whereas authorities in China have banned ICOs altogether.
The firm is currently undertaking early stage testing, ahead of a launch predicted for some time over the coming months, with no firm date yet on the cards.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
Business 1 hour ago
Blockchain, Brexit, and Ireland: What will happen?
The economic uncertainty has led many to believe that cryptocurrency might be able to play a role, since traditional currencies might not be able to stabilize through the crisis.
Business 1 hour ago
Cryptopia outlines eventual return as exchange resumes trading
Co-founder Rob Dawson categorically denies that an exit scam took place, and points out that Cryptopia actually plans on reopening. For now, the crypto exchange has resumed trading on 40 various crypto trading pairs.
Business 2 hours ago
Galaxy Digital invests $5.25 million in Bison Trails
After investing his clients money at the worst possible time, Stefanos Papanastasiou is being sued for losing most of the money.