New whisky cryptocurrency targets £40m

Investors are being offered the chance to own a share of a rare Scotch whisky portfolio through plans to launch a new cryptocurrency which aims to raise more than £40 million.

Under the plans, the world’s first blockchain-based whisky investment fund will be set up in Scotland using “Caskcoin” cryptocurrency. Each coin will be backed by physical ownership of a share of casks in the portfolio.

The Caskcoin team, which includes backers from the whisky and technology sectors, has secured an option to purchase a number of casks which will be managed through to bottling using a blockchain platform which will provide transparent tracking at each stage.

Under the plans, whiskies including Macallan, Glenlivet, Bowmore, Dalmore and Port Ellen will be stored in bonded warehouses in Scotland,

Caskcoin operations director Ricky Christie, a former managing director at the Speyside Distillery Company and current owner of The North of Scotland Distilling Company, commented: “We are marrying hundreds of years of tradition with cutting-edge technology to provide a unique opportunity to invest in one of the most sought-after whisky portfolios in the world.”

Caskcoin’s initial coin offering (ICO) runs between 12 March and 30 March. A total of 5.2 million tokens will be available, at £8.15 each, the group said.

The minimum investment is £30,000 and Caskcoin said that its tokens will be publicly tradeable on a number of exchanges “with details to follow later in the year”. 0 ‘Unique opportunity’ Caskcoin’s Ricky Christie