Cryptocurrency behind Great Keppel Island's $300 million resurrection
The tokens will be tradeable on existing cryptocurrency exchanges. Unlike other cryptocurrencies though, the GKI Tokens will be backed by the value of the development, which the consortium behind the deal claims will be worth billions after the development is complete.
Building is expected to start next year and be completed within five years, the developers claim.
The STO is being marketed with a flashy sales video starring Greg Norman, who is designing the developments golf course.
"The development is fully supported from all levels of Australian government, federal, state and local, and has approval for the immediate development of an 18-hole international golf course," says the videos narrator. "Also approved are 750 luxury villas 300 luxury apartments and a five-star beachfront resort with 250 rooms and a 250-berth marina."
According to the video, this constitutes the largest integrated development application ever granted within the Great Barrier Reef Marine Park.
Potential purchasers around the world will be notified via Telegram, an encrypted messaging app favoured in the digital security token market.
Under the deal, the owner of the existing defunct resort at Great Keppel Island, Tower Holdings, will retain 12 per cent of the GKI Tokens.
Tower Holdings, which owns more than 70 per cent of Great Keppel Island, is owned by Sydney businessman Terry Agnew.
Tower has ....