Spending cryptocurrency can be done in many different ways. Using it to rebuild a major party island is not an everyday occurrence, but that is just what Tower Holdings is trying to do. The billion-dollar redevelopment project is in the pipeline and users from all over the world can contribute to these efforts by buying Great Keppel Island Tokens.

The Story of Great Keppel Island

Three decades ago, Great Keppel island was turned into a party hotspot. The island is located off the coast of Queensland and become immensely popular in the 1980s. Its associated marketing campaign primarily highlighted alcohol, sex, and partial nudity. Anyone between the ages of 18 and 35 was welcome to “have some fun”.

Despite the big plans for this island, Great Keppel Island eventually fell into disarray. Years later, a new venture is coming to the forefront to redevelop this part of Australia altogether. It is a major undertaking with a steep price tag of $1bn. What makes this plan unique is not its location, but the method of funding the redevelopment process itself. Instead of using traditional means, cryptocurrency will be responsible for giving Great Keppel Island a second lease on life.

The current plan of action encompasses many proposed changes to the island. There will be a new luxury resort, hotel, villas, and a golf course, among other things. With enough funding, the island will finally be able to unlock its full potential. If successful, Great Keppel Island will create its very own micro-economy. That economic model will solely focus on cryptocurrency, further highlighting the potential of this new form of money.

A Security Token is Created

The cryptocurrency consortium supporting this venture will issue a native token. Known as the Great Keppel Island Token, it will allow investors from all over the world to participate in the revitalization efforts. Contributors will receive these tokens, which are expected to rise in value as the redevelopment progresses. These new tokens will also be traded across existing cryptocurrency exchanges.

To put investors’ minds at ease, the consortium partnered the Australian government. With their help, the effort is officially supported and legitimized. Tower Holdings, the company spearheading this effort, will keep 12% of the tokens in reserves at all times. The firm also owns 70% of Great Keppel Island at this stage. Despite attempts to use traditional funding for the redevelopment, cryptocurrency tokens are the only option still on the table.

Efforts like these highlight the potential of cryptocurrency for the greater good. Great Keppel Island is iconic, albeit its resort has been out of commission for an extended period of time. Using this crowdfunding-esque approach to restore the island to its former glory creates an enticing business model. With the backing of the Australian government, this venture can potentially be successful.

What do you think about using cryptocurrency to raise funds for a development project of this scope? Will it be successful? Let us know in the comments below.

Images courtesy of Shutterstock

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