Cryptocurrency key to future on Great Barrier Reef island resort as developer looks for …

Posted

September 05, 2018 06:30:09

A Great Barrier Reef island resort, famous in the 80s and 90s for its Get Wrecked on Keppel slogan, could see a long-awaited revival through an unlikely source — cryptocurrency.

In what is being touted as a world-first, the resort’s developer Tower Holdings has confirmed it has partnered with a Sydney-based cryptocurrency consortium that plans to offer Great Keppel Island Tokens to private investors from as early as next week.

Investors can buy the tokens to help fund a $300 million development on the island, in a move similar to an initial public offering for shares.

It comes after Tower Holdings listed its multi-million dollar Great Keppel Island revitalisation project for sale earlier this year, after failing to attract private investors since gaining final approvals in 2013.

The redevelopment plans include more than 1,000 luxury villas and apartments, a 250-berth…