The first whisky-based cyptrocurrency, CaskCoin, created by managing director of The North of Scotland Distilling Company, Ricky Christie, has launched its initial coin offering (ICO).

CaskCoin is an asset-backed cryptocurrency and is composed of a Europecoin (ERC) 20 token, which is based on the Ethereum blockchain platform.

The ICO will run between 12 and 30 March and is looking to raise £40m ($55.8m). There will be 5.2 million ERC 20 tokens on sale at a price of £8.15 each during the ICO. The total number of CaskCoin tokens that will ever be available will be 6.5 million.

The minimum investment during the ICO will be £30,000, paid in either bitcoin or ether–a cryptocurrency also based on the Ethereum platform.

Each coin represents ownership of a share in every case of maturing whisky in CaskCoin’s portfolio. The portfolio includes old and rare malts aged between 25 and 50 years from various famous Scottish distilleries.

Owners of CaskCoin tokens will receive dividends from holding it over time. They can also stake the cryptocurrency to help the blockchain to validate transactions.

Christie said: “The global interest in this offering is very exciting. We truly believe that we are creating a paradigm shift in the industry. With CaskCoin, we are marrying hundreds of years of tradition with cutting-edge technology to provide a unique opportunity to invest in one of the most sought-after whisky portfolios in the world.

“Scotch is the most recognised and popular spirit in the world and has proven to be a robust and tangible investment that has consistently outperformed others in the marketplace. CaskCoin is the first time that our industry has been opened to a global investor base.”

This whisky-backed cryptocurrency follows the creation of the world’s first whisky fund in Sweden.