Bitbond, an online lending platform, has launched one of Germany’s first Security Token Offerings (STO). The Bitbond STO has published a BaFin approved Prospectus in conjunction with the offering representing an important step in the validation of the emerging digital asset ecosystem.
The Bitbond STO has a hard cap of €100 million. and will conclude in May. Bitbond states that “thousands of investors have already joined to take advantage of early bird discounts.”
Bitbond announced in a release their intent to use BitGo’s Business Wallet.
Bitbond CEO Radoslav Albrecht said that BitGo is known throughout the blockchain industry as a market leader for payment processing, and has built one of the most secure cryptocurrency storage solutions around.
“Therefore we are delighted to be partnering with them, in order to ensure our investors enjoy a smooth and frictionless experience.”
The Bitbond STO is for issuance of tokenized debt with a predetermined maturity. Bitbond Token (BB1) holders will receive quarterly and annual payments for 10 years, after which Bitbond says it will buy back the token at its original value of € 1 per token.
Bitbond reports that via BitGo it will generate wallet addresses for users who pay for the BB1 Token. Bitbond will accept one of three cryptocurrencies including Stellar Lumens, Bitcoin and Ether.
BitGo is an interesting global online lending platform that was founded in 2013. leader in digital asset financial services. Founded in 2013, Bitbond has generated over $15 million worth of SME loans, funded in over 80 different countries. By using Blockchain for payment processing Bitbond and its users are independent of banks.
BitGo is the world’s largest processor of on-chain Bitcoin transactions, processing 15% of all global transactions in the largest cryptocurrency, and $15 billion per month across all cryptocurrencies. In 2018, BitGo introduced BitGo Custody, the first qualified custodian purpose-built for storing digital assets.
BitGo Vice President of Sales Josh Schwartz described the Bitbond STO as an important moment in digital asset trading, and BitGo is proud to support the effort. The collaboration between the two companies should mutually burnish their crypto reputations.
“A licensed STO in Germany represents a paradigm shift and sets an important precedent for regulated token offerings of the future. We believe that regulated offerings are a critical step in bringing digital assets to a broader audience.”
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