The picturesque but long-forgotten Australian vista, Great Keppel Island, is ideal for vacationers in nearly every aspect but one: it has no money. However, that’s about to change thanks to cryptocurrencies and blockchain technology.
Seeing great potential in the isolated plot of land, a group of crypto enthusiasts is starting a Security Token Offering (STO) to raise money for redevelopment. They plan to turn Great Keppel Island into a state-of-the-art luxury resort with its very own token—one which would become the largest crypto economy in the world.
Luxury on the Blockchain
Reported by The Sydney Morning Herald, the group plans to raise $300 million in funding for their GKI Tokens. These assets will be available on current cryptocurrency exchanges, but with a “proof-of-development” value proposition. The consortium believes the GKI tokens will be worth billions after development, with the goal of starting the build next year and finishing over the next five.
Of course, the enthusiasts needed the approval of Great Keppel Island’s owner, Tower Holdings, who will receive 12 percent of all GKI tokens generated. While the company wasn’t sold on the idea at first, after some research into cryptocurrencies and their potential, Tower Holdings was on board.
According to a promotional video, the island, located in the Great Barrier Reef, “covers over 3000 acres, and is only twelve kilometers off the mainland.” The video continues describing a “Greg Norman-designed golf course, seventeen beaches, an airport, a marina, retail outlets, a hotel, villas,” and more. They plan for a total amount of 750 villas and 300 luxury apartments.
A white paper should be released soon, with investor invitations via Telegram coming soon after. It’s unknown how much the company will be asking for regarding first-round investment, but it’s likely to be over $100,000, with a minimum $1,000 investment. The plan is to have each GKI token be equivalent to one dollar.
Suggested Reading : Learn about the cryptocurrency with the largest ICO in history—EOS.
Development on the Great Barrier Reef
Anthony Aiossa, CEO of Tower Holdings, revealed that there haven’t been any quality investments in the Great Barrier Reef for a long time and that there isn’t a single international hotel in the area.
Tower Holdings has spent the past ten years gathering development rights from governments at both the state and federal levels, ensuring the process will go as smoothly as possible.
Australia has been an advocate of cryptocurrencies for quite some time now, with plans to launch a cryptocurrency bank, the government partnering with IBM to develop blockchain technologies, or using blockchain for supply chains and animal welfare.
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