Symbol To Host A Whiskey Fund And Lithuanian Collectible Token At Launch
Symbol To Host A Whiskey Fund And Lithuanian Collectible Token At Launch
October 9, 2020
Symbol To Host A Whiskey Fund And Lithuanian Collectible Token At Launch
Symbol To Host A Whiskey Fund And Lithuanian Collectible Token At Launch
October 9, 2020

Symbol, the upcoming enterprise and security token-focused blockchain from the team behind XEM, will host a whiskey fund and Lithuanian collectible token at launch.

Dave Hodgson, the Managing Director of NEM Group CIO and NEM Ventures, revealed that Symbol will host at least two products at launch.

It has been reported that Symbol will host the Wave Financial Whiskey Fund, which offers a tokenized representation of ownership in 25,000 barrels of 2020-vintage bourbon worth more than $4 million.

However, the platform will also host LBCOIN, collectible crypto assets that commemorate Lithuania’s 1918 declaration of independence issued by the country’s central bank. Both products were previously hosted on NEM.

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Hodgson highlighted the benefits that fractionalization will offer traditional asset classes by noting that Wave’s whiskey fund will offer investors exposure to an asset class that would traditionally be very hard to access if they couldn’t afford to go and buy 4,000 barrels of whiskey. 

He also predicted that fractional ownership will offer investors in emerging markets like Africa and South-East Asia greater access to equities products, highlighting the efficiency saving blockchain offers to the sector.

Hodgson added:

“[Equities] are ripe for disruption, the current model is too siloed and the mechanisms by which equities are transferred is too slow and too expensive.”

Also, he described Symbol as a hybrid blockchain built for enterprises with a focus on interoperability and security tokens.

Moreover, Symbol can be deployed as either a public or private chain, offering enterprises guarantees that sensitive proprietary information will not be broadcast across an open blockchain network.

Hodgson emphasized the importance of cross-chain interoperability among institutions by noting expectations that the future will bring a crypto ecosystem comprising multiple specialized blockchains operating in symbiosis.

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Thus, XEM holders can convert their tokens into XYM at a 1:1 ratio in December, they must opt-in for the snapshot beforehand.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.