- Country Heights is seeking the approval of shareholders, to issue its Horse Currency via an initial coin offering (ICO)
- Claims Horse Currency will be an asset-backed currency (ABC) and Utility token
- Says Horse Currency will be used to reward loyal clients and give customers access to the firm’s exquisite services and will be accepted legal tender in its ecosystem
Country Heights Holding, a Malaysia-based investment holding, property development, hospitality and health company, has announced preparations to launch its altcoin called Horse Currency.
The company claims its Horse tokens will be hundred percent backed by real assets, as first reported by The Edge Markets.
Seeking Approval to hold an ICO
According to sources close to the matter, Country Heights is awaiting the approval of the Malaysia stock exchange and its shareholders, in its extraordinary general meeting scheduled for November 8, 2018, to enable it to launch an initial coin offering (ICO).
The firm is reportedly seeking to issue 1 billion units of Horse Currencies, which it claims is backed by RM2 billion worth of own assets.
Country Heights has also said that only 300 million units of the Horse Currency will be initially released to the public, while the assets backing the token will be placed in a trust held by a credible law firm.
Key Use cases of Horse Currency
ICOs have become quite a controversial fundraising method in recent times, due in large part to a rise in scam offerings and poor investor returns in 2017 and 2018.
However, Country Heights has made it clear that its Horse Currency will have clear use cases in its business ecosystem.
The firm claims customers will be able to use the altcoins to purchase or lease choice properties in its resort, get access to its royalty programmes including stays at the palace of the Golden Horses, embark on private jet trips, pay for golf memberships, amongst other uses.
Country Heights to engage Blockchain Experts
In a bid to make its ICO a huge success, the Country Heights team has said it would employ the services of external consultants in the crypto space and form a solid alliance with a highly reputed technology partner.
Despite being in its nascent stages, blockchain technology has proven it has huge potential to disrupt a vast array of industries across the globe.
Country Heights has stated categorically that it seeks to “ride the wave of popularity” of DLT and asset-backed cryptoassets to expand its operations.