Gibraltar Blockchain Exchange, an ICO marketplace, has announced its third hosted ICO – that of timeshare property non-profit organisation Crowdvilla.
Crowdvilla offers a “community estate of holiday properties for you and the community,” according to the introductory video on the website.
It says that when you contribute ether, you receive three CRV tokens (“not one, not two, but three”) which represent shares in a property. Crowdvilla will buy these properties using the money raised in the sale.
CRV tokens generate a different kind of token, called CROWD, which are used to pay for stays at Crowdvilla properties. According to the video, CRV perpetually generates CROWD tokens, so customers only need to purchase it once.
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Crowdvilla is operated by Reidao, a company that wants to revamp the real estate market by representing all ownership with tokens on a blockchain. This makes it easier to buy shares in properties and trade/sell them.
Gibraltar has made efforts to attract cryptocurrency businesses. On the first day of 2018, a new law came into effect which allowed blockchain companies to qualify for licences – this actually caused the Royal Bank of Scotland, one of the UK’s biggest banks, to cut off services to Gibraltar International Bank.
The GBX is one of the initiatives that the territory hopes will bring in business. It is both a cryptocurrency exchange and marketplace for token sales. It was launched in February with its own token sale, during which it sold 318 million Rock Tokens to 3,474 people for $27 million.
ICO guidelines were added later, one of which is the authorised sponsor programme. ICOs are assigned the sponsors, that according to the law must possess relevant knowledge and experience in the field. Sponsors also have to present their own codes of conduct to the Gibraltar Financial Services Commission for approval.
Crowdvilla’s sponsor is ICOMain.io, an ICO consultancy firm. Interestingly, ICOMain actually advised the GBX during its own token sale.