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Whisky-based cryptocurrency launches in Scotland

DBR Staff Writer Published 14 March 2018

The world’s first blockchain-based whisky investment fund has been launched in Scotland, offering investors the chance to own a share of a £40m Scotch whisky portfolio by investing in its digital coins.

CaskCoin, which has been founded by Ricky Christie, is an asset backed cryptocurrency that integrates blockchain technology with a physical asset investment in the form of maturing Scotch Whisky.

The CaskCoin portfolio includes a range of casks, featuring old and rare malts aged between 21 and 50 years.

Each coin will be supported by physical ownership of a share of every cask in the CaskCoin portfolio, stored in bonded warehouses in Scotland, opening the portfolio to global investors.

Each of the cryptocurrency’s coin is claimed to be backed by physical ownership of a share of every cask in the CaskCoin portfolio, which will be stored in bonded warehouses in Scotland.

CaskCoin’s initial coin offering (ICO) seeks to raise more than £40m and runs from 12 March to 30 March. 

A total of 5.2 million ERC-20 tokens made available at a cost of £8.15 each and the minimum investment is £30,000, with payment in bitcoin or ether.

The whisky will be managed through to bottling using blockchain technology, with CaskCoin holders voting on the best time to bottle, sell and reinvest in the portfolio.

Christie said: “The global interest in this offering is very exciting. We truly believe that we are creating a paradigm shift in the industry. With CaskCoin, we are marrying hundreds of years of tradition with cutting-edge technology to provide a unique opportunity to invest in one of the most sought-after whisky portfolios in the world.

“Scotch is the most recognised and popular spirit in the world and has proven to be a robust and tangible investment that has consistently outperformed others in the marketplace.  CaskCoin is the first time that our industry has been opened to a global investor base.”

After the ICO is concluded, CaskCoin tokens will be publicly tradeable on a several exchanges, stated the company.

CaskCoin follows the launch of a whisky-based publicly traded fund, The Single Malt Fund, which was recently launched by Swedish entrepreneur Christian Svantesson.

The Single Malt Fund offers investors the opportunity to own a small part of a large collection of rare and limited-edition whiskies, selected by portfolio managers.

Image: North of Scotland Distilling Company’s Ricky Christie. Photo: Courtesy of CaskCoin Holdings.