INVESTORS are being offered the chance to back what has been billed as the world’s first whisky investment fund based on cryptocurrency.

CaskCoin, led by North of Scotland Distilling Company boss Ricky Christie, is inviting investors to own a share of a £40 million Scotch portfolio by investing in its digital coins. Each coin translates to physical ownership of a share in every cask in the portfolio, which includes old and rare malts.

CaskCoin aims to raise about £40m in an initial coin offering this month, with a minimum investment of £30,000, paid in bitcoin or ether. A total of 5.2 million ERC-20 tokens will be available, the firm said, costing £8.15 each.

Mr Christie said: “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.

“Whisky has a rich history as a store of value and a medium of exchange, and we are building upon this idea with the help of the blockchain and our new CaskCoin cryptocurrency.

“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.”