Credit Suisse Former Exec Launching His Own ICO

Credit Suisse

Former Executive of Digital Banking and Platform Management at Credit Suisse, Switzerland’s second-largest bank, is in the final preparations of launching an initial coin offering (ICO).

Marco Abele spent most of his career in the banking industry and just recently left this August. He is now at the forefront of his startup called Tend, which is an ethereum based marketplace for “timesharing” luxury assets.

As Abele explained in a statement, “Many people today are finding that there is more value in experience than ownership and that it is about access to fine things, not just possession of them. At the same time, conventional investments have become uninteresting for the modern generation. That makes meaningful, special assets increasingly desirable and hence valuable.”

Tend is aimed for individuals with wealth between $100,000 and $1 million who are overlooked by the private banking sector and underserved by the bigger retail banks. Abele estimated this group is in close numbers to 350m on a global scale.

Abele told City AM, “People are looking for more real investments that reflect passions or interests.” Which means investors would rather own a piece of art or a vineyard, so they could gain an investment over time but also be able to use it.

Under Swiss securities law, his token offering will be structured very much like a bond.

A pilot for this platform is in its final stages and is aiming to have over 100 users by Spring of 2018, to begin its testing phase. The long-term annual goal for that year is 400 users.

Featured Image: twitter

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