A UK care home company has created a private exchange token for residents.
The C-Coin from Carlauren Group, which provides residential later-life and care services, is designed to remove the worry associated with carrying cash.
Residents can buy a minimum of 100 C-Coins at a rate of £70 each. At any point in time, it is possible to sell the C-Coin back to Carlauren in return for 90% of its launch value in fiat currency.
The minimum buy-in increases with each tier to a maximum initial commitment of 500 coins.
Using the Carlauren Exchange facility on-site, members investing in C-Coins will be able to buy, sell, and trade them easily and securely without taking significant investment risks.
Sean Murray, founder and CEO of Carlauren, said: “Launching the C-Coin provides Carlauren Members and residents a secure means to transact with our Carlauren Resorts, including exclusive facilities and other added benefits.
“It gives them the opportunity to purchase tokens to cover a number of aspects of living at Carlauren properties, including rooms at our luxury Express Resorts.
“We’re anticipating high demand.”
Mr Murray admits some residents may have concerns about the potential volatility of cryptocurrency.
“I believe that blockchain technology will revolutionise how the world will transact and exchange,” he added.
“We have closely monitored its emergence, particularly its application in a tokenised utility framework.
“However, I am conscious that cryptocurrencies have received a bad press recently, so we have taken extensive measures to ensure the C-Coin is the best possible safe solution for all investors.”