Italy Crowd, a real estate investment platform, has decided to withdraw its application with CONSAB, the securities regulator in Italy, to issue securities under the new EU securities crowdfunding rules. At the same time, Italy Crowd has formed a partnership with Bridge Asset – another real estate crowdfunding platform which is already authorized to operate under ECSPR
In 2021, the EU approved new pan-European rules for online investment platforms. Under these rules – ECSPR or European Crowdfunding Securities Provider Regulations, an issuer may raise up to €5 million from investors across the EU. The harmonization of regulations is expected to boost online capital formation to help firms raise money while providing opportunities for all investors.
In a statement attributed to Augusto Vecchi, President and CEO of Italy Crowd, the company said:
“Italy Crowd investors will be able to register and open a wallet preferentially and receive an additional bonus of 0.5% on their first real estate investment on the Bridge Asset portal by clicking this link. Given the great professionalism that distinguishes the two platforms, this agreement will create a competitive real estate hub with various services, allowing Italy Crowd investor users to be able to continue their activities in the best possible way. It is understood that the normal reimbursement activity of projects financed by investors to Italy Crowd Proponents will continue until December 2024 . Italy Crowd, online since 12 January 2015, was the first real estate crowdfunding platform to be born in Italy. Bridge Asset has become a leading real estate lending platform in just a few years. Both are Lemonway payment agents.”
Italy Crowd has also engaged Swiss Crowd, which was also founded by Vecchi, to leverage blockchain technology on its platform.
Bridge Asset reports that since its inception, it has funded over €24 million and returned about half that amount without defaults.