Everyone Can Have a Little Bit of Luxury With Ethereum Blockchain. With a new Ethereum Blockchain start-up you can own One-Sixth of a Porsche. Blockchain Luxury Company TEND was founded by a former Credit Suisse banker. Ethereum Blockchain will give you a chance to experience luxury life at least at a small level. Thanks to the technological miracle of the Ethereum blockchain, you can now “own” a digital token representing one-sixth of an expensive car that you can drive for exactly four days but only after going to pick it up somewhere.
Swiss startup TEND, founded by former Credit Suisse banker Marco Abele
The company behind this scheme is Swiss startup TEND, founded by former Credit Suisse banker Marco Abele. The way it works, according to the startup’s website and a customer service representative I spoke to, is that TEND first buys a luxury object like a vintage car or a Steinway piano. Users may also put their own objects or properties up for sale, but they have to be vetted by TEND. The company then creates digital tokens for those objects, which describe terms of shared ownership, and sells them to people.
You could partly “own” a classic car
For example, you could partly “own” a 1955 Porsche Speedster (read: four days of use, a club membership, and a racetrack experience). And when you’re done with your “investment,” you could sell your digital token representing one-sixth of a used car to someone else. Or, you could “own” a Steinway piano (read: one rehearsal day, opera tickets, and an “intimate concert”)!
Those token buyers collectively own that car or piano, although it is stored and maintained by TEND and the ability of token owners to change the terms of their ownership is limited, the customer service representative told me.
“We will use some of the proceeds of the token sales as capital to source [additional] assets,” the representative wrote in a message.
Opportunities which are currently beyond their reach
TEND’s business model sounds exactly like time-sharing on steroids, and it targets the same types of people. The TEND website states that the company will give people “opportunities which are currently beyond their reach but reflect their aspirations.”
Not yet accessible to the public
The company is running a pilot with 20 people, according to cryptocurrency news site CoinDesk, so the platform is not yet accessible to the public. But the company’s website gives an idea of what offers will look like in the future.
According to the customer service representative, co-owners can decide to take their object off the TEND platform entirely to store and maintain it themselves, but “the rights to change the terms [of ownership] are limited and depending on assets.”
Personally, I’m all for co-ownership. If I could legitimately co-own something useful but infrequently used, like a set of tools, that would rock. But timesharing luxury goods, simply because I could never hope to afford them myself? Man, that’s just dark, with or without the shiny blockchain tech. Source: Motherboard
WHAT IS TEND
& HIGHEST STANDARDS
All client data is stored physically in Switzerland and in full compliance with Swiss data protection laws.
Independent audits on our technology security, monitoring, infrastructure security and business continuity.
Rigorous commitment to reliable testing within a continuous release management.
Trust, continuity and sophistication transferred into the digital world.
A NEW INVESTMENT WORLD
Our vision is to provide access to a new, diversified, and tangible investment world that is driven by passion, purpose and meaning.
We believe in the revolutionary power of blockchain, unleashing a hyper-connected, decentralized, and transparent world where the individual is empowered as never before.
This revolutionary mentality also extends to our approach to financing. This is why we believe Token Generating Events (TGE) are the future of financing innovative ventures.
We are guided by the highest business conduct standards, which is why our TGE will set the new community standard for all other token sales to follow. Our aim is to help TGE’s to succeed in the long term.
Founder & CEO
Chief Digital Officer of Private Banking, Retail & Corporate Banking division at Credit Suisse.
18 years banking career, primarily global roles across markets, at Deutsche Bank & Credit Suisse.
Voted one of the top 100 bankers in Switzerland and selected among the 50 digital shapers of Switzerland.
Developed digital solutions for 1m clients
Transformed global banking platforms end-to-end
Experienced innovation adoption & incubation
Attracted cutting edge talents, throughout various roles
Managed and led an organization of 250 people
Renowned to inspire and motivate teams
Husband, Father, Friend | Writer at TowardsDataScience and Hackernoon | Salih Sarikaya is a data &product & media professional with many years of experience | Top Tech Influencers of USA (CES2017-Onalytica) | Key Blockchain Influencer (Business Insider, DisruptorDaily, TokenTarget, KLOUT, MOZ) | Entrepreneur | Author | Pro Member of PEN America & SPJ | Computational Sociology MA