LAAX ski resort has issued its own blockchain cryptocurrency to encourage skiers to take an ownership stake through digital micro-shares. Swiss Info reports he Weisse Arena Gruppeexternal link (WAG) which runs LAAX is issuing these shares on a distributed ledger technology (DLT) platform.
The “crypto shares” are embedded with “smart contracts” that uses computer code to replace the function of brokers, custodian banks and other intermediaries when they are bought and sold. This brings sellers and buyers in direct contact, cutting out the middle man and allows for instant peer to peer transactions.
Customers are rewarded with stakes in the company when they do things like buy season passes. The idea behind the issuing shares through crypto is to strengthen connections to the local community and attract repeat customers by giving them a share of profits and a voice on future strategy.
LAAX also plans to issue its own cryptocurrency, GURU (Greatest User Return Unit) a kind of private money to be used at the resort’s facilities. People converting their Swiss Francs to GURU would be offered discounts in restaurants or other facilities if they pay with the tokens.