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British Baroness’ $325 Million Luxury Bitcoin Development Suffers Delays

Wes Messamore
Updated
Baroness Mone was planning to sell two bedroom apartments for £185,000 worth of bitcoin after developing the Aston Plaza Project. | Source: Shutterstock
Baroness Mone was planning to sell two bedroom apartments for £185,000 worth of bitcoin after developing the Aston Plaza Project. | Source: Shutterstock

By CCN: Scottish lingerie tycoon and parliamentarian Baroness Michelle Mone seems to be stuck in a second failed crypto venture. Her £250m ($325 million) condo development in Dubai that would be sold for bitcoin is on hold. Government officials who’ve visited the site of what The Sunday Times calls a “bitcoin bolthole” say construction has stopped.

Mone was planning to sell two bedroom apartments for £185,000 worth of bitcoin after developing the Aston Plaza Project. But the development remains stalled at 25% complete since last January, according to the developer’s website and promotional materials. The £250m development was advertised to be completed by this summer but nothing’s moving.

Baroness Mone’s EQUI Coin Flop

This bitcoin condo development was as unrealistic as her last attempt to break into the crypto industry. A year ago, she sought an $80 million ICO for a startup investment clearinghouse disguised as a cryptocurrency. She hyped it as the “bitcoin of Britain” even though it is really nothing like bitcoin and raised only $7 million.

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Bitcoin made an earnest and shockingly effective attempt at creating a payments and banking solution. EQUI is a blockchain back-end that’s been shoe-horned into a startup investment clearinghouse platform. Bitcoin is open source, public, and raised computing power to maintain and secure its network. EQUI is propriety, corporate, and raised money.

EQUI was not “the bitcoin of” anything. It was another example of corporate marketing hype over substance, and that’s why it failed.

Read the full story on CCN.com.