Elephants receives CHF 500.000 and announces the launch of the luxury watches co-ownership platform
MANNO, Switzerland (PRWEB) June 22, 2023 -- Swiss-Italian startup Elephants announced a pre-seed investment of CHF 500.000 from angel investors and the launch of its platform.
Elephants is reshaping the luxury watch market, using digital technology to break open an asset class long restricted to a fortunate few.
With purchase prices in some cases higher than the cost of a family home, high-end watches have always been a luxury reserved for the very wealthy. Often, they are acquired by famous actors, athletes or other high-profile individuals, feeding an aura of mystique around these timepieces that watchmakers have capitalized on since the first wristwatch was created.
Elephants, a Swiss-Italian startup founded by Paolo Catalano and Gianvito Grasso, is leveraging the power, protection and traceability of blockchain technology to divide the cost of high-end watches among several owners.
The watches selected on the platform are unique, vintage and out of production, ensuring their status as rare and iconic. The limited supply of these timepieces leads to a very high demand in the market.
How it works:
- Elephants uses a data-drive approach to select the luxury timepiece
- Users can buy fractions of the asset
- When the campaign is completed, Elephants stores the timepiece in a safe location
- Elephants monitors the market and helps the owners find the best time to sell the watch, the funds are then divided among the owners proportionally
“We’re democratizing opportunities in an asset class historically reserved for the very wealthy.” says Paolo Catalano. “Elephants allows anyone to join an asset class that has outperformed the S&P500 by over 100% over the past seven years.”
“Elephants are symbols of strength, reliability, loyalty and long memory,” says Gianvito Grasso, “which are all characteristics we have incorporated into our company and we expect to become trademarks of our reputation in the market.”
“The exceptionally high cost of most luxury wristwatches creates a de facto monopoly: these watches are built for the rich, collected by the rich and bought and sold by the rich. Watch enthusiasts and those looking for alternative assets are left out in the cold. We’ve found a way to open the door a little and let some of them in.”
The Elephants platform is now available at http://www.elephantsclub.io and the demand for the first timepiece is already very high. New campaigns will be launched soon.
About Elephants:
Elephants, founded in Switzerland in 2022, is a platform aimed to democratize the luxury watch market as an asset class.
Elephants operates in accordance with Swiss regulations and it is affiliated with the SRO SO-FIT. The Elephants token is representative only of the ownership right to a fraction of the watch and with the transfer of the token the related ownership right is also transferred.
Paolo Catalano, Elephants SAGL, https://www.elephantsclub.io/, 41 912622021, [email protected]
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