The public will be able to buy into the Great Keppel Island development in a world first crypto currency deal.
The public will be able to buy into the Great Keppel Island development in a world first crypto currency deal. Knight Frank

GKI launches world first crypto currency deal for resort

THE developers of Great Keppel Island have launched a crypto currency 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 over $3 billion when fully developed in five years.

Crypto Currency Tokenisation is behind the plan, which would make Keppel the first island to be "crypto-tokenised" and work in a similar way to an initial public offering for shares.

Project co-founder Tim Sommers said Great Keppel Island Token holders would have an asset backing in the island unlike the majority of crypto currencies.

"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 development will provide over 1,400 full and part time jobs to the local area."

The development includes 750 luxury villas, 300 apartments, 250 marina births, 9000sq m 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 licence.

Since then, the project has struggled to get funding.

Earlier this year the former resort buildings were demolished.

Tower Holdings CEO Anthony Aiossa said redeveloping the island would create a new domestic and international tourist destination.

"In recent years the product offering of many tourism destinations within Australia and the Great Barrier Reef has not kept pace with the significant new tourism development in other beach holiday locations such as Bali, Fiji, Thailand and Hawaii which has seen a major outflow of Australian tourists to these locations," he said.

According to the Sydney Morning Herald, Tower Holdings will retain 12 per cent of the GKI Tokens.

It is not clear yet how much each token would be worth, but there are expected to be three offering rounds with differing minimum levels of investment.



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