NEM and Wave Financial Group have announced to launch the Kentucky Whiskey Digital Fund token on the Symbol platform when it hits the market at the end of this year. This has been reported in Spanish by Nem’s official website.
“”After a partnership between NEM and Wave Financial Group, investors can now invest in a Bourbon Insignia fund“You noticed.
According to the website above, This latest development was achieved after Wave Financial Group, digital asset manager, announced that it was working with Kentucky-based Wilderness Trail Distillery to launch a fund of around 25,000 barrels of bourbon by 2020. Traditional South American style that corresponds to a year of production.
“This fund enables investors to buy asset-backed tokens that are estimated to have an annual inventory of four million bottles of bourbon,” said Nem en Español.
Wave TsO and fund manager Benjamin Tsai said:
“Kentucky Bourbon is a great opportunity for investors. As many assets lose value over time, whiskey gains in value due to its unique barrel aging process. Investors around the world would tap into the growing U.S. whiskey market and introduce liquidity and accessibility to a fine product market that neither of them would normally provide. “
Investments in the Fund are open to US, non-US and accredited investors.. Also, A two-token problem is planned to ensure compliance with SEC regulations.
In the post, they also noted that Wave Financial, as a registered investment advisor in California, previously created tokens for Ethereum, but is now using Symbol’s capabilities for this fund.
David Siemer, CEO of Wave Financial, said:
“After launching the fund, we looked for a protocol that would facilitate this unique offering. The symbol of NEM is an almost natural decision due to its technical capabilities, which was created specifically with the issuance of security tokens in its network architecture. “
NEM and tokenization
NEM is one of the founding signatories of the Blockchain Token Association’s Verified Token Framework, which creates a legal framework for token issuance.
In addition, it should be noted that NEM introduced its own token in 2015, which usually occupies a place in the top 50 by market capitalization in cryptocurrency. Current capitalization is estimated at around $ 431 million.
Dave Hodgson, Chief Investment Officer of the NEM Group and CEO of NEM Ventures, stated:
“I am delighted to see the first compromised NEM to Symbol security transfer before it even starts. We have been working with Wave Financial since the beginning of 2020 to identify this unique asset class, and it is exciting to see this progress. The Wave team already has experience in tokenizing digital assets. They are savvy professionals, the perfect partner for our first security token. “
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