Former party paradise, Great Keppel Island may be back in business, with the promise of resurrection via cryptocurrency.
The future is here, guys. We always knew cryptocurrency would be relevant to our interests one day.
The ABC reports the resort island, famous in the 80s and 90s for its ‘get wrecked’ attitude, could be revived by a partnership between resort developer Tower Holdings and a Sydney-based cryptocurrency consortium that will begin offering its investors Great Keppel Island Tokens from next week.
The tokens will help to fund the $300 million plan to resurrect the island as a high-tech wonderland with a luxury resort, private villas, apartments, a golf course, retail outlets and a marina.
Fairfax reports the tokens will be tradeable on existing cryptocurrency exchanges but will be backed by the value of the development, which the consortium claims will be worth billions once it is complete.
Tower Holdings listed the revitalisation project for sale earlier this year after failing to attract private investors since the plans were approved in 2013.
Tower Holdings chief executive Anthony Aiossa told the ABC the consortium had been one of the first groups to show interest in the project.
“Since that time, we’ve been trying a myriad of options to secure project funding to get the project off the ground,” he said.
“The crypto solution that was put to us essentially involves the raising of private equity to fund the project, using the technology of blockchain to raise finance from around the world.
“People from around the world will be able to go online, view the offering, and if they wish to participate, will be able to buy tokens and essentially own part of the project.”
But that doesn’t mean Aiossa has given up on the traditional sale of the resort either.
“We continue to remain open to all sorts of opportunities to get the project moving … there’s a number of groups that are still interested in the project.”