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Sunday, March 25, 2018

Crypto News: Inside The World's First Whisky-Based Cryptocurrency

Inside The Worlds First Whisky-Based Cryptocurrency

Whether it’s Scotch, bourbon, Irish whiskey, or Japanese, anyone following the whiskey industry knows that prices are rising. The rarer the bottle the less likely it is to be consumed. Bottles are shelved instead and left to sit for years until a decent profit can be made on the secondary market. Another method of whiskey investment I’ve covered is buying your very own cask from a distillery. As the whiskey market continues to grow, investment methods are evolving alongside it, continuously adapting as consumers of fine whiskey search far and wide for the best deals. Now, whisky has entered the cryptocurrency market, connecting blockchain technology with the physical asset of whisky.

Sure, Ethereum and Litecoin are great, but CaskCoin is backed by Scotch whisky, so I'm sold. The cryptocurrency market can be hard to understand, so let’s keep it simple. CaskCoin’s portfolio, estimated at £40 million, features casks from some of the most popular Scotch whisky distilleries in the world. These include giants like the Macallan, Dalmore, Bowmore, and Glenlivet distilleries. The casks are between 20 and 50 years old and are stored in bonded warehouses in Scotland. Each coin purchased gives the buyer a share of every cask in the CaskCoin repertoire. The more coins you buy, the more whisky you own. Speaking to CaskCoin CFO, Barry Millar, he touches on the three “pillars” of the whisky-based coin. First is complete traceability, brought forth in the blockchain technology backing the coin. Then comes provenance, which is evident in the unique casks and their origins, tied to the Scotch whisky industry. Lastly, sharing intelligence. CaskCoin owners are given a vote on when the casks are to be bottled and sold.

‘The idea of a new cryptocurrency pinned to maturing Scotch Whisky stocks was the result of brainstorming sessions with CaskCoin founder, Ricky Christie, where we tackled the greatest challenge that Scotch Whisky distillers have to overcome - the traditional financing of maturing whisky stocks,’ says Millar. ‘We decided that CaskCoin holders should be able to participate on this journey and the value to them would mirror that of the Scotch whisky stock - which should, in turn, equate to more stability as a cryptocurrency.’

Full story HERE

Source: Forbes

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