Cryptocurrency behind Great Keppel Island’s $300 million resurrection

Cryptocurrency behind Great Keppel Island’s $300 million resurrection

There was a time when Great Keppel Island was sold as the ideal place to go and “get wrecked”, a party island at the gateway to the Great Barrier Reef. It then faded into disrepair and then into memory.

Now an ambitious cryptocurrency consortium plans to resurrect it as a high-tech wonderland including a luxury resort, private villas and apartments, a golf course, retail outlets and a marina in what is being sold as the world’s largest cryptocurrency-backed property deal.

If all goes to plan, they boast, when the development is complete Great Keppel will become the world’s largest island cryptocurrency micro-economy, a project that could bring the new digital economy to the bricks-and-mortar mainstream.If you are not quite sure what that means, don’t be surprised. Even Great Keppel’s owner had to do some background reading when the proposal was first put to him.

In coming days investors will be invited to buy so-called Great Keppel Island Tokens in order to fund the $300 million development through what is known as a Security Token Offering, similar to an initial public offering for shares.

The tokens will be tradeable on existing cryptocurrency exchanges. Unlike other cryptocurrencies though, the GKI Tokens will be backed by the value of the development, which the consortium behind the deal claims will be worth billions after the development is complete.


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Source: Cryptocurrency behind Great Keppel Island’s $300 million resurrection