Meet the first whisky-backed cryptocurrency

CaskCoin aims to raise £40m through its ICO – and it’s backed by lots and lots of Scotch whisky…

Perhaps it was just a matter of time, but the cryptocurrency revolution has firmly landed in the midst of the drinks industry, with the news that the North of Scotland Distilling Company is launching its own coin.

It’s going by the name of CaskCoin (ERC20), and the aim from its ICO is to try and raise £40m. Said ICO has begun, and runs until 30th March. In all, 6.5 million ERC20 tokens will be available, and CaskCoin has issued assurances that the number of coins available will never increase.

CaskCoin is described an “asset backed cryptocurrency combining blockchain technology with a physical asset investment in the form of maturing Scotch Whisky”.

Citing that whisky accounts for a quarter of the UK’s food and drinks exports – amounting to a total of £4bn in 2016 – the ICO’s website declares that each token will represent legal ownership of each cask of whisky that underpins CaskCoin.

The full whitepaper is available on the CaskCoin website, here.