Two firms partner to tokenize luxury cars, including Ferrari
January 31, 2020, 6:30AM EST
1 min read
Investment platform CurioInvest and digital assets exchange MERJ have tied up to offer tokens backed by rare and luxury cars, including Ferrari.
The tokens, dubbed “CT1,” will be listed on Seychelles-based regulated exchange MERJ, Bloomberg reported Friday. The exchange is licensed by the Seychelles’ Financial Services Authority as a securities exchange.
CurioInvest and MERJ are planning to tokenize 500 collectible cars worth over $200 million onto the exchange. Ferrari F12tdf, worth about $1.1 million, will be among the first to be tokenized, per CurioInvest’s website.
“You can have a guy in Uganda who’s able to invest in a rare car that’s kept in a vault in Stuttgart, tokenized by a company in Liechtenstein and it all fits within this recognized regulatory environment,” Jim Needham, head of digital strategy at MERJ, told Bloomberg.
According to property consultancy firm Knight Frank, vintage cars returned more than 330% in the 10 years through 2017, outpacing returns from traditional investments such as stocks and bonds.
“When you look at fine art, collectible cars, they have been perceived historically as safe havens,” said Fernando Verboonen, founder and CEO of CurioInvest.
CT1 tokens will reportedly be investable with one dollar.