Ster-Kinekor has announced the launch of a new drive-in option for cinema-goers in Cape Town, thanks to a partnership with the V&A Waterfront. The…
South African African fintech startup ProsperiProp‘s initial coin offering (ICO) which aims to help ordinary investors to gain a share of global property investments is now under way.
The fintech company launched the ICO on Friday, 15 September 2017. It will run until 31 October. With only 42 days remaining the company has raised just $17 128 through the ICO.
In a press release today ProsperiProp said it plans to use a two token cryptocurrency model to reinvent traditional unit trusts, making them simpler to acquire, more cost efficient and as a result a lot more profitable.
It follows the appointment last week by ProsperiProp of international auditing firm Grant Thornton to audit its business processes and financial results.
The startup today also announced a limited launch special to go with the ICO. “The offer, which is capped at one-million tokens, allows people to earn anywhere from double tokens for buying 100 PROPX tokens up to octuple (8X) tokens for buying 1000 PROPX tokens,” the startup said.
Each dollar spent on a PROPX token is applied to fund the purchase of shares says ProsperiProp
ProsperiProp said in the press release that its PROPX tokens are available to the international market for $1 each. Each dollar spent on a PROPX token will then applied to fund the purchase of shares.
ProsperiProp CEO Llew Morkel said the company’s “unique” two token model reinvents the traditional unit trust concept. “It uses Blockchain technology to give ordinary people access to some of the world’s top property portfolios.”
“Ordinarily, these funds require minimum deposits ranging from tens to hundreds of thousands of dollars. That’s because portfolios choose to manage fewer, large accounts rather than millions of twenty-dollar accounts,” he added.
He said until now, that approach has benefited an “elite few”, but it’s also meant that millions around the world have been cut off from the opportunity to invest in property.
“ProsperiProp changes that by allowing anyone with two US dollars to spare to buy a crypto token code named ‘TREE’. Each TREE token represents a micro percentage of property shares across top international property portfolios. The TREE-token owns 100% of the asset and financial benefit of the special-purpose vehicle (SPV).
“The value of the TREE token will increase steadily over time as the SPV asset values appreciate.
Morkel said TREE tokens will be marketed and sold around the world. “Income generated from the sale of these tokens is used to replenish the crowd fund. Once repaid, the capital is either used to purchase more assets in the same SPV or start a new SPV,” he said.
“While the SPV owns the shares, it has a debt liability to the fund, which is repaid from TREE token sales. Once repaid, it can be applied again. Either way, the value of PROPX increases sharply with every iteration,” said Morkel.
Featured image: ProsperiProp CEO Llew Morkel (Supplied)