In their website post, multinational crowdfunding venture Indiegogo will be launching a new token that is backed by real estate.
The asset-backed crypto will allow its investors to procure shares in the form of virtual tokens on St. Regis Aspen Hotel. The Verge reported that Aspen Coin, which is the digital token for Indiegogo can be bought with fiat U.S. dollars or with other cryptocurrencies like Bitcoin or Ethereum. The Aspen Coin is accredited with the U.S. SEC.
Indiegogo’s project aims to generate US $12 million to be invested with St. Regis Aspen Hotel. The launch is scheduled August 24. The San Francisco-based announced the first Initial Coin Offering’s launch last December 2017 on pre-sale through MicroVentures, an equity crowdfunding website.
On their announcement, Indiegogo said they partnered with the Financial Industry Regulatory Authority (FINRA) registered MicroVentures to ensure compliance with the SEC.
Slava Rubin, co-founder of Indiegogo said that cryptos and asset-backed tokens are “two very different things”, according to the report of The Verge. The latter type of tokens are “less speculative and they’re likely to pan out in the future.”, Rubin explained.
Indiegogo, a crowdfunding website founded in 2008, is said to be the one of the first platforms which offered crowdfunding.