Market Cap:
$0.00
24h Vol:
$0.00
BTC:
$0.00
ETH:
$0.00
COV:
$0.00

Shark Tank Investor Kevin O’Leary Claims Major Hotel To Launch Coin Offering

Kevin O’Leary, famed Shark Tank investor, founder of SoftKey and O’Leary Funds, chairman of O’Shares Investments, and regular CNBC contributor, appeared on CNBC this week to discuss investments and the financial sector. In the segment, the discussion turned to cryptocurrencies when he teased a “$400 million dollar coin issuance for a real estate asset” that is currently under NDA.

O’Leary, best known for his role on ABC’s smash hit Shark Tank where he invests in various startups alongside the likes of Robert Herjavec and Mark Cuban, believes that “asset-based coins will replace small-cap stocks,” and hints that the first of these are coming via a “very prestigious brand hotel” in New York City.

The “brand” will  “internationally issue an asset-based coin” that gives a portion of ownership of this major hotel. The coins will represent up to one-third of the real-estate asset’s value.

O’Leary goes on to point out that this investment opportunity is “SEC-approved”, and the asset will work via smart contracts on the blockchain. O’Leary who is incredibly enthusiastic about the move, calls the opportunity “the first of its kind” and explains that the blockchain brings an added layer of transparency and ownership in perpetuity.

Rebecca Quick, co-anchor of CNBC’s Squawk Box, the segment where O’Leary appeared, interjected with “if it works, you’re going to see tremors across Wall Street”, then adding “it’s gonna disrupt.”

O’Leary discusses how the brand is working directly with regulators, and will become the largest ever initial coin offering at $400 million in market cap. He states that the deal should be unveiled in “the next three weeks.” O’Leary expects others to follow this lead, removing the need for Wall Street middlemen and high fees as points of entry.