Rhino Coin is Cutting Edge
South African Ranchers are now offering a “Rhino Coin”. The digital coin will give the investors a chance to own a share of the horn in the Cornu’s vault. The investor pays around $4 per gram – a fraction of the current black market value of the Rhino horn. Located in the deep undergrounds of South Arica, the Cornu vault guards a rhino horn collection.
The team of Wilcocks’ has weighed, photographed, measured and tagged each of these horns along with a microchip. The ranchers also DNA sampled, decoded, and recorded the details in the database. The legally harvested horns from the rhinos raised privately weigh around 108 kilograms. According to the director of Cornu Logistics, Alexander Wilcocks, the company that holds the rhino horn stash, the whole idea related to the undervalued asset is madness.
Wilcocks and Team Want Legal Rhino Horn Trade
Wilcocks and his team hope that one day the authorities will legalize international trade of rhino horns. But until then, he believes that protecting them is nothing short of madness. It is because people currently trade the rhino horn illegally. Horns are used for making jewelry and also as medicine – although there is no proof that the horns have any therapetic value.
Rhino horns are one of the most valuable commodities on earth, selling at around $125/gram in the Asian black markets. Authorities banned trading of rhino horns internationally decades ago. However, since 2013, poachers kill over 1,000 rhinos every year.
According to the scheme, investors can earn massive profits by investing in Rhino Coin. The digital currency is backed by the piles of rhino horns stored in Cornu’s vault. South Africa boasts of having the largest population of rhino. As of now, the country has an estimated population of 15,000 to 20,000 white and black rhinoceroses. According to Wilcocks, Rhino Coin is a “cryptocurrency with a conscience” whereas one of the ranchers stated;”We desperately require a revenue stream to pay for the conservation of these animals.”
Rhino Owners Association
According to the chairperson of the Private Rhino Owners Association, Pelham Jones, the private reserves spent over $140 million between 2009 and 2017 to protect the animals. Jones further adds that they desperately need an avenue to generate revenue to pay for conservation of rhinos.
Wilcocks stated that, legally, the rhino horn does not have much value in the domestic market. He further adds that despite the presence of a lot of rhino conservation fundraising projects very little money from the grant actually reaches the grassroots and even less gets to the private conservation initiatives. Coins of this type are already generating a lot of interest in the crypto market. Recently, PlusOneCoin unveiled a digital asset that will up votes for social media content.