Banking hours create a problem for the charter jet industry.
“Rich guys have wire money ready to go, but they are subject to banking hours,” Curry explained. “It’s a spur-of-the-moment thing.”
If there’s no money paid, they don’t go, Curry explained. And traditional financial rails can take too long.
A token allows TurnKey to pre-pay or to buy tokens from other members on the eventual network, potentially even exchanging value with cryptocurrency, such as bitcoin, if that works better at the last minute. The limitations presented by traditional banking moved the company to look for another option via the SEC.
Curry said that very little changed from the first letter to now, in terms of the facts. But he did mention one noteworthy adjustment: When TurnKey first submitted a request for relief, it mentioned ethereum as a potential blockchain for running its token. The final letter is agnostic in terms of which blockchain technology it will use.
TurnKey will begin investigating options “post-haste,” Curry said, noting that building its own solution is completely off the table.
“We’re not going to invent our own from scratch,” he said. He mentioned solutions form Microsoft, IBM and others, while not ruling out public blockchains.
“The tokens will be standards compliant,” Curry said. “It’s not going to be any unique kind of token.”