NewsFaer Isles Distillery To Become “First Whisky Distillery” Funded Through Cryptocurrency

Faer Isles Distillery To Become “First Whisky Distillery” Funded Through Cryptocurrency

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Faer Isles Distillery is offering Whisky fans the opportunity to invest in its construction using cryptocurrency. The new Faroe Islands-based distillery is set to be constructed on a 23,000m² site near the village of Kvívík on the island of Streymoy and will also includie warehousing facilities and a visitor center.

Faer Isles Distillery has launched two funding drives to help raise capital to construct the new site. The Founders Club is the first phase of the drive and offers those interested a reward package featuring three special edition bottles, including the site’s first gin, single malt new make spirit, and three-year-old Whisky. It costs €200 ($236 USD) and also includes discounts and special offers for exclusive tastings, events, and merchandise.

Later this year, the second phase of crowdfunding will launch to fund full-scale commercial production at the Kvívík site. At that point, Faer Isles Distillery will launch a security token offering, which will enable people to invest in the company through shares that are traded directly from the licensed issuer using cryptocurrency. That offering will roll out to Founders Club members on December 1 and then will become available to the general public on December 31. Investors will also have the option of using regular money.

The distillery believes it will “probably be the first whisky distillery in the world that is funded this way.”

Currently, the Faroe Islands don’t have a Whisky on the market, despite its close proximity to Scotland. According to the brand, the beautiful and remote islands are the optimal location for whisky production and maturation because of the abundance of clean surface water. This is due to the high humidity and rainfall caused by the passing Gulf Stream, which also ensures the very stable year-round temperature. The constant wind provides a salty atmosphere that has been used for centuries to dry and ferment food and will now benefit Faroese whisky as well.

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