Jet Token Raises Up To $ 10 Million As Part Of Regulatory Offer A For Its Ethereum-powered Private Jet Rental Market, Where Travelers Can Pay For Charter Flights Using ERC20 Tokens .
Private charter flights, a travel option for people willing to pay more than business class seats, are a dynamic industry in the United States with substantial ticket prices: a New York-Miami flight would cost $ 15,000 per charter .
Adding tokens as a means of payment would make the purchase process more flexible and "allow faster confirmation of charter bookings, especially on weekends and holidays coinciding with periods of high demand." of travel, "Jet Token said.
According to data from the General Aviation Manufacturers Association, there are 14,217 business jets in the United States, making it a leader in the industry. However, only 2,876 of them are available for rent – Jet Token's thesis is that wealthy travelers could have access to more options if the market was managed more efficiently.
For aircraft owners and travelers: "Aircraft owners would get a higher income per seat by filling an otherwise empty plane, and travelers would get access to on-demand trips to an airline." lower average cost due to greater market transparency and price discovery ".
The company, founded in July 2018, would compete with TurnKey Jet, Inc., which is building a similar service and became the first cryptographic company to have managed to obtain a no-action letter from the SEC in April, while Jet Token decided to pursue more traditional fundraising for its increase.
Jet Token hopes to take advantage of the SEC's decision on TurnKey and follow the same principles to prevent their future chips from being considered as securities, for example, insofar as the chips will not be used to finance the development of the platform. not presented as potentially profitable.
"We intend to operate in full compliance with the instructions of the SEC in the April 3, 2019 letter of January 3, 2019, entitled No TurnKey Jet, Inc.'s Letter of Action, and any future improvements. of these instructions, so that US federal securities laws will not apply to the offer, sale and resale of Jet Tokens, "reads Jet Token's filing with the SEC.
As far as tokens are concerned, the platform is "under development and not yet operational," says Jet Token, and it is not clear when the chips, based on the Ethereum block chain, will be issued. . Potential customers will be able to purchase tokens for cash or cryptocurrencies, especially bitcoins.
Apps and jets
Jet Token has announced that it has already launched a first version of its iOS application in September and plans to send the version with encrypted payments integrated by the end of the year. The company will serve as a broker for booking flights and will also operate its own fleet of reserve aircraft, which can be used if a flight booked by a customer is canceled or delayed.
The document states that the company "has negotiated with Honda Aircraft Company the terms of 4 HondaJets and with Gama Aviation for the maintenance, management and operation of our hired aircraft."
According to Jet Token's recent SEC filing, the company would be headed by Mike Winston, senior director at Sutton View Capital, as founder, executive chairman and treasurer. The CEO is George Murnane, who previously chaired several aviation-related companies, the most recent being an ImperialJet private charter broker.
Private jet image via Shutterstock