Startup Jet Token wants to raise up to $ 10 million through regulated SEC token sale

Start-up Jet Token plans to raise up to $ 10 million under SEC Rule A for its Ethereum private jet leasing market, where travelers can pay for charters with ERC20 tokens.

Adding tokens as a form of payment would make the rental process more flexible and “would allow faster confirmation of charter flights, especially on weekends and holidays, coinciding with periods of peak demand for trips,” Jet Token said in a statement.

According to
The National Association of General Aviation Manufacturers in the United States has 14,217 business jets, making the country the industry leader. But only 2 876 of them are available for charter booking. Jet Token’s concept is that wealthy travelers will be able to access more options if the market is managed more efficiently.

The company will have to compete with TurnKey Jet, which creates a similar service and became the first cryptocurrency company to obtain
the first “inaction guarantee letter” from the SEC. Jet Token hopes to receive a similar exemption from the SEC and follow the same principles in order to avoid the recognition of its tokens by securities.

“We intend to act in full compliance with the SEC recommendations for TurnKey Jet so that US federal securities laws do not apply to the Jet Token offer,” the application said.
Jet Token at SEC.

As for tokens, the platform “is currently under development and has not yet been launched,” notes Jet Token, and it is not yet clear when the tokens will be released. Potential customers will be able to buy tokens for dollars or cryptocurrencies.

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Jet Token announced that it had already released the initial version of its iOS app in September and plans to release a version with built-in cryptocurrency payments by the end of this year. The company will act as a broker for booking flights, as well as manage its own reserve fleet of aircraft, which can be used in case of cancellation or delay of a flight booked by the client.

According to the company’s application to the SEC, the company “agreed on terms of cooperation with Honda Aircraft Company for the rental of 4 HondaJets and with Gama Aviation for the maintenance, management and operation of leased aircraft.”