Ex-Credit Suisse Exec to Launch ICO for Luxury Good Platform

A former executive for Credit Suisse is preparing to launch an initial coin offering (ICO) for a new ethereum-based startup.

Marco Abele worked for the banking institution from 2006 until this August, serving most recently as head of digital, according to LinkedIn. Prior to that, Abele worked at Deutsche Bank in its corporate and investment banking division.

Now, he's spearheading a startup called Tend, an ethereum-powered marketplace for sharing ownership of luxury assets, such as cars and jewelry.

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."

In essence, the platform offers users a kind of time share for high-value goods. The token offering will be structured like a bond under Swiss securities law, which Tend claims will be a first.

Without going into detail, the website promises that Tend will take "care of the associated obligations of the object owners, including insurance and logistics."

The firm further indicated that it has been running an alpha test with 20 users and plans to conduct the token sale in the coming months, though no specific timeline was provided for the event.

Porsche image from Shutterstock.