The Faer Isles Distillery allows investors to own shares in the company which is backed by ERC20 ETH tokens as we are reading more today in the latest cryptocurrency news.
Faer Isles Distillery allows people to purchase Whisky with crypto and allows investors to get involved by using the cryptocurrency. People will be able to buy shares in the company represented by the ETH-based token. Investors can also use fiat currency to get involved. The distillery is on course to become the first one in the world to be fully funded by crypto. The distillery will open a 23,000 square meters site on the Faroe Islands which is 200 miles north of Scotland in 2023. In order to do so, the investors will help by investing in a crypto-backed security token offering.
The distillery said in a blog post that they will provide the option to buying tokenized shares using crypto but the investors can still get involved by using fiat currencies like the Euro or the Dollar. The company said in a blog post:
“This method is becoming more and more common for startups, but Faer Isles Distillery will probably be the first whisky distillery in the world that will allow cryptocurrencies as means of funding.”
The Faer Isles Distillery said it will launch a token offering which will allow investors to purchase shares in the company which is represented by an ETH-based token. The company will allow the public to start investing from December 31 after initial investors had the chance with the first fundraising drive. The shares are easily tradable and even easier than normal shares on stock exchanges as the company said. The hope is that even those that are not interested in whiskey will be attracted to owning a tokenized share of the company:
“Since so few companies are yet to be traded this way, tokenized shares are highly attractive to investors owning any form of cryptocurrency.”
The distillery will produce both gin and whiskey in the tiny village of Kvivik.
As we reported in the past, you can now shop with crypto even for education and invest in a brighter future with Bitcoin (BTC). Some of the universities accepting crypto include Switzerland’s “Crypto Valley” in the canton of Zug, the ESMT Berlin business school, the University of Nicosia in Cyprus and others. All of these universities have been accepting Bitcoin payments.
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