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THE WORLD OF CRYPTOCURRENCY AT YOUR FINGERTIPS

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You Will Soon Be Able to Own a Ferrari via a New Digital Token

Have you always wanted to own a Ferrari but you simply do not have the money? A new blockchain solution could allow you to own one soon. According to a recent Bloomberg report, the MERJ Exchange, which is a digital asset exchange in Seychelles, is working with CurioInvest to offer tokens backed by rare cars. The companies believe that tokenizing luxury assets will make them accessible to more people.

According to the digital head of strategy at MERJ, a man in Uganda could soon be able to invest in a collectible car stored in Stuttgart, tokenized by a firm in Liechtenstein. He said that this was a demonstration of the ability of the blockchain to democratize capital markets.

The New Token

The token will be called CT1. It is part of a resurgence of growing offering amidst a recent boost in crypto prices. The trend of fractionalizing assets using crypto first started to become popular in 2017 and early 2018. At the time, hundreds of companies managed to raise billions in capital. It allowed companies to bypass venture capital funding, which usually comes with a lot of regulatory red tape.

It ended in 2018 when regulators began clamping down due to a lot of fraud and various other shady practices by ICOs. Scams led to investors losing millions of dollars of their funds. CurioInvesto and MERJ are basing their new venture on the fact that collectibles will continue to appreciate with time. For instance, Vintage cars saw returns of over 330% in 10 years, according to a recent Knight Frank report.

The two firms will bring as many as 500 cars worth over $200 million to the exchange. Amongst the cars is a $1.1 million Ferrari, which is going to be tokenized and stored in a German vault. However, token holders will not be able to drive their Ferrari.

Rare cars have been intricately linked to crypto for years. At the height of the crypto boom in 2018, most overnight millionaires went on a spending spree, purchasing rare cars.

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