Tend wants to develop an app that will allow people to buy and sell smaller shares in luxury goods, such as sports cars or a winery. The co-owners would have the right to use the car at specific times or receive a set number of wine bottles from the winery.
“For the younger generation, wealth means more than just money and assets,” Marco Abele, founder of the startup from the Greater Zurich Area and former digital head at Credit Suisse, told the Handelszeitung. “It’s all about personal experiences, emotions and realizing your dreams.”
Thanks to the app, luxury goods will no longer be exclusively for the ultra-rich, although it will nonetheless appeal to well-off customers. The target group is people who have at least 100,000 Swiss francs to invest.
The app will be based on the Ethereum blockchain, which will make it possible to digitally represent investments in a straightforward manner and divide them into any number of shares. The result would be digital assets or tokens that correspond to a secure share certificate of an item. These digital assets can be easily integrated into a trading platform and transferred from one person to another.
“Blockchain technology is a catalyst that makes our vision of a new experience-oriented investment world a reality,” said the former head of Uber Switzerland Rasoul Jalali, who is involved with the startup.
The app will be launched initially in Switzerland, but the aim is to expand it into megacities. Plans are underway to launch an Initial Coin Offering (ICO) in the amount of 30 million francs to finance the app’s development.