crypto currency

The developers of Great Island have launched a cryptocurrency funding scheme in a bid to resurrect a stalled billion-dollar development. In what is being lauded as the world’s first crypto currency-backed property deal, people can buy into the development which is predicted to be valued at more than $3billion when completed in five years. Crypto Currency Tokenisation is behind the plan, which would make the first island to be ’crypto-tokenized’ and work in a similar way to an initial public offering for shares. Project co-founder Tim Sommers said Great Island token holders would have an asset backing in the island unlike the majority of cryptocurrencies. ’The GKI token holders also receive the benefit of liquidity should they wish to sell their tokens at any time,’ he said. ’Great Keppel Island will be the first Blockchain, Crypto and Internet of Things-enabled island in the world allowing high security, crypto payments and accountability for services.’ The proposed development includes 750 luxury villas, 300 apartments, 250 marina births, 9000sqm of retail and restaurants, an 18-hole golf course designed by Greg Norman, and a commercial airstrip capable of international and domestic flights. Despite State Government approval for the proposal, Tower Holdings, the company behind the development, was unable to secure a boutique gaming license. 69843
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