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ICO News: ICO to fund redevelopment of luxury Barrier Reef island

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The island, which is located just off the Great Barrier Reef is an ideal spot for a luxury resort with its year-round sunshine and white, picturesque beaches.

As such, a crypto consortium is planning to launch an ICO (initial coin offering), giving savvy investors the chance to purchase equity in Great Keppel Island.

Unlike a lot of these sorts of fundraises, the security tokens on sale will be backed by the developments on the island itself.

There are plans to create a futuristic luxury resort complete with a Greg Norman designed golf course, 750 villas, 300 luxury apartments, and a 5-star beachfront hotel.

It is not clear how much investors will be required to contribute during the first funding round.

However, according to the Sydney Morning Herald it will likely be in the six-figure range, as is common for security token offerings.

$300 million to billions

There are rumours that the planned hard cap is $300 million as things stand, though this is unconfirmed, at time of writing.

Later rounds will allow retail investors to buy the Great Keppel Island Tokens (GKI) too.

The GKI tokens will also be tradable on existing digital asset exchanges.

The consortium behind the token sale claims that the island itself will be worth billions when the development is finished.

Organizers hope that this will ensure that the price of the GKI tokens will continue to rise.

Under the terms of the sale, the owner of the now-defunct resort that existed previously on Great Keppel Island will retain 12 per cent of the total supply of tokens.

Tower Holdings

Tower Holdings owns around 70 per cent of the island itself and is led by Australian businessman Terry Agnew.

The firm has spent years trying to secure permission and funding for the island’s redevelopment.

With the cryptocurrency consortium’s help, the island’s redevelopment should finally become a possibility.

A promotional video for the token sale and investment opportunity emphatically states:

“This is your chance to acquire the rarest gem on earth.”

It goes on to the claim that the chances of a similar opportunity in terms of scale being presented to investors is unlikely.

It is thought that a full whitepaper detailing the investment, as well as the development plans will be available on either Friday or Monday.

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