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New York Hotel To Sell Ownership Via $400 Mln ICO, Kevin O’Leary Says

New York Hotel To Sell Ownership Via $400 Mln ICO, Kevin O’Leary Says
админ
20/03/2018

a4a6f98dd9f3c57d700c535e5a965dd5 - New York Hotel To Sell Ownership Via $400 Mln ICO, Kevin O'Leary Says

Kevin O’Leary, investor and “Shark Tank” television show participant, announced that he is part of a deal in which a “prestigious” hotel in New York is selling ownership in the company through a token sale. He predicts that asset-based coins will someday replace small-cap stocks.

He did not reveal the name of the hotel due to a nondisclosure agreement.

The $400-million initial coin offering, or ICO, is “a big deal” that is expected to happen in the next three weeks, O’Leary, who is the chairman of the ETF firm O’Shares Investments told CNBC.

“If it works, it will be the first of its kind,” he said.

The hotel asset-backed ICO would comply with government securities rules and offer prospective investors the kind of marketing materials equivalent to those for stock initial public offerings, O’Leary added.

He believes ICOs backed by real assets would allow companies to avoid several middlemen such as investment bankers, venture capitalists and sell directly to future stakeholders.

The Securities and Exchange Commission has asked platforms selling digital assets that are securities to register with the watchdog.

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news
20/03/2018
админ
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