Wave financial, a firm that provides financial and software solutions to startups, will tokenize Kentucky Whiskey for investors worldwide to understand how things work in the US whiskey market.
The financial firm said on Wednesday that the Wave Kentucky Whiskey Digital, an agreement to tokenize over 19,000 barrels of Whiskey and worth around $19,000 million, was drawn up and will be made known through a specialized digital asset fund.
Inventory valued at 3.5 million bottles of Whiskey
The Wave Kentucky Whiskey digital fund will enable investors to buy asset-backed token related to a 2020 whiskey barrel inventory. The inventory being documented and updated by Wilderness Trail Distillery is calculated to value around 3.5 million bottles of Whiskey.
Whiskey patronage in the United States of America has seen a revival as it ranked as the most exported spirit two years ago. In the last decade, the local production of Whiskey increased year in year out to meet the need of its consumers.
Benjamin Tsai, president at Wave, said that investors will be given the rare opportunities to get a quality product which ordinarily can’t be achieved because of high cost and low liquidity and many more.
Whiskey, unlike other goods produced which gets useless over time, the older whiskey gets, the better it becomes. Whenever it is mixed, the spirit remains in a barrel such that flavors mixed continue to integrate as it loses water and soaks in the barrel. All these factors make the flavor get better, and the Whiskey becomes more valuable.
Wave Kentucky Whiskey Digital Fund vision
With the Wave Kentucky Whiskey digital fund, the markup has hiked to over $900 per barrel when first refined.
Tsai, in an interview, also said that the value of Whiskey barrel would be calculated every four months, and an inventor report will allow investors able to set a benchmark price for their token.
The new token has allowed new trends around blockchain protocols as certain investors have asked if the token will lunch in their platform too. He said that they are keeping tabs on protocols that could be used to make it possible.
Tsai and said further that the firm is using a Tezos developer house to create the token. Someone who spoke on behalf of Wave said that the token was meant for certain investors across the globe.
