Crowdfunded investment platform CurioInvest has partnered with Seychelles-based MERJ Exchange to sell fractions of a supercar using a new blockchain token.
The companies plan to tokenize 500 Supercars with a total value of more than $ 200 million. Ferrari F12tdf worth about $ 1.1 million to be one of the flagship products.
A follow-up bounty scheme to reward users with tokens for publicizing the project also saw major issues when a partner marketing company soon walked away, the news source indicates. Going the bounty route also raises the thorny issue, as reported by CoinDesk, that the U.S. Securities and Exchange Commission has indicated that even giving away tokens may break securities rules.
“Technology is only half the process. Regulation is equally important. We are talking about a well-regulated and well-thought-out offer that will be available on the stock exchange,” Jim Needham, a digital asset strategist for MERJ commented the deal.
Both vintage and modern supercars rose in price by 330% between 2007 and 2017, beating growth rates of traditional investments like stocks and bonds.
