Tuesday, March 13, 2018

Why just have a Jack and Coke when you can instead now have a whiskey backed cryptocurrency

The tokenization of things is rolling on with full steam as the next commodity to back a cryptocurrency is none other than whiskey.

On March 7 a Scotland based distilling company announced they were in the process of creating a whiskey backed cryptocurrency that will be called Caskcoin.  And owners of this crypto will be able to own a stake in barrels of distilled spirits which will also include rare and extremely aged barrels they currently have in storage.

Described as an “asset backed cryptocurrency combining blockchain technology with a physical asset investment in the form of maturing Scotch Whisky”, CaskCoin has been founded by Ricky Christie – the the boss of the North of Scotland Distilling Company. 
Each coin translates to physical ownership of a share in every cask of maturing whisky in the portfolio, which the company says includes old and rare malts aged between 21 and 50 years. 
CaskCoin’s initial coin offering (ICO) will look to raise more than £40 million and runs between 12-30 March. A total of 6.5 million ERC-20 tokens will be available, with Cask Coin promising never to increase the number available, at a cost of £8.15 each, with a minimum investment of £30,000 paid in bitcoin or ether. – The Drinks Business


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