TEND announces fine wines blockchain partnership with Cult
Switzerland’s Zug canton has become best known for its digital service offerings than its viniculture, but the so-called “Crypto Valley” is now home to a partnership that aims to bring the worlds of blockchain and wine together.
Blockchain-based lifestyle investment platform TEND announced on Wednesday it was partnering with Cult Wines, one of the world’s premier fine wine investment companies, to offer an investment portfolio in premier-grade wines.
The company offers a range of so-called “alternative investments” including art and classic cars and offers retail investors access to this very illiquid world of collectibles through the tokenisation of assets on its blockchain network.
Cult Wines runs offices in London, Hong Kong, Shanghai and Singapore and last year won the Queen’s Award for International Trade in the UK.
The partnership between TEND and Cult Wines will offer members the opportunity to invest in Cult’s wine portfolio and is targeting a return of more than 10% a year, having already established a track record of consistent returns for its clients.
TEND and Cult Wines join the likes of Overstock.com, whose Medici Ventures arm announced last week it was investing in VinX, an Israel-based wine furtures investment firm that aims to create a token-based blockchain platform.
Overstock.com said its platform would also reduce the risk of fraud in the wine market as its blockchain can also trace the provenance of the wines VinX offers in its portfolio.
TEND founder and chief executive, Marco Abele says: “We’re incredibly excited to be partnering with another world class brand to offer our members further possibilities to enjoy impressive returns on collectible investments while nurturing their interests or passions in whichever fascinating world they chose, in this case fine wine.
“TEND’s partnership with Cult Wines brings the best of both to a new audience, via our app and market leading platform which utilises distributed ledger technology at its core.”