Seychelles’ Stock Exchange Will List Ethereum Tokens Representing Supercars
Hankering for a Ferrari? Well, the only licensed stock exchange in Seychelles, an island nation in the Indian Ocean, is listing tokenized collectible cars worth over $200 million for retail and institutional investors.
MERJ said Friday it is partnering with CurioInvest, a tokenization platform building on ethereum, to create tokens representing shares in “supercars” like the Ferrari. While the sale is open to institutional and retail investors, purchases are expected to be driven by institutional investors and those from regions with restrictions on auto imports, such as China.
A $1.1 million Ferrari F12tdf will be the first car listed on the exchange, and MERJ said it might list as many as 500 vehicles.
MERJ claims to be one of the first compliant national exchanges to list its own tokenized equity on the ethereum blockchain. It said investors will have direct access to the exchange through a computer or mobile app. Its institutional clients can gain access via traditional broker channels.
The exchange said the listings will enable more people to invest in rare and luxury cars, which has been an asset class otherwise inaccessible to the vast majority of investors.
“With the partnership, we are creating an access point for these investors that is compliant through the full cycle of exchange, clearing, settlement and registry,” Jim Needham, head of digital strategy at MERJ Exchange, said in a statement.
Disclosure Read More
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.