Blockchain
Bitfinex issues tokenized debt for El Salvador’s first hotel funded via blockchain
Bitfinex Securities is issuing a tokenized debt offering to fund the construction of a new Hampton by Hilton hotel at El Salvador International Airport, according to an April 11 statement shared with CryptoSlate.
The tokenized debt offering is the first of its kind in the Central American country, seeking to raise $6.25 million. The short-term debt has a 10% coupon over a 5-year term, and the minimum investment is $1000.
According to the statement, the hotel complex will be a 4,484-square-meter facility with 80 rooms, five commercial spaces, and other amenities across five levels.
Details
Bitfinex Securities partnered with Inversiones Laguardia (HILSV), an established entity in El Salvador, to oversee the tokenized debt.
Meanwhile, Ditobanx is responsible for tokenizing and structuring the transaction and ensuring that it is issued on the Liquid blockchain, a Bitcoin layer-2 solution. The token will trade under the HILSV ticker with two trading pairs, including the fiat US Dollar and Tether’s USDT stablecoin. Trading will occur exclusively on the Bitfinex Securities platform.
Paolo Ardoino, Bitfinex CTO and Tether CEO, said:
“The HILSV token marks the first digital asset tokenisation from El Salvador and represents an important step forward in developing its nascent capital market as well as introducing a major new asset class into the market.”
Notably, Hilton’s role in this arrangement is limited to that of a franchisor and does not entail direct involvement.
‘Economic benefit’
The initiative is expected to generate approximately 1,000 jobs during construction and up to 5,000 direct and indirect jobs during operational phases. The capital raise will commence on May 13, 2024, and is projected to last a month.
Meanwhile, several stakeholders in the deal believe that the deal presents an opportunity to develop El Salvador’s economy further.
Roberto Laguardia, the president of Inversiones Laguardia, explained:
“The recently implemented digital asset laws will grant us access to capital markets that were previously unavailable to us. This access will allow us to develop crucial tourism-related infrastructure, thereby unlocking the potential for growth in the tourism sector. This expansion will ultimately result in economic benefits for every Salvadoran citizen.”
Source: cryptoslate.com
The post Bitfinex issues tokenized debt for El Salvador’s first hotel funded via blockchain appeared first on HIPTHER Alerts.
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Blockchain
MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase
MicroStrategy has increased its Bitcoin holdings to 214,400 BTC with a recent purchase of $7.8 million worth of the cryptocurrency. This move further solidifies MicroStrategy’s position as a major institutional holder of Bitcoin and demonstrates its continued bullish outlook on the digital asset.
MicroStrategy, a publicly traded business intelligence firm, has been actively accumulating Bitcoin as part of its treasury strategy, viewing the cryptocurrency as a long-term store of value and hedge against inflation. The recent purchase of $7.8 million worth of Bitcoin adds to the company’s already substantial holdings, reaffirming its confidence in the future potential of the digital currency.
MicroStrategy’s ongoing accumulation of Bitcoin reflects a broader trend of institutional adoption and investment in the cryptocurrency space. As more companies recognize the value proposition of Bitcoin as a hedge against economic uncertainty and fiat currency devaluation, they are increasingly allocating funds to acquire and hold the digital asset.
Overall, MicroStrategy’s decision to boost its Bitcoin holdings with a $7.8 million purchase underscores the company’s conviction in the long-term viability and potential of Bitcoin as a strategic asset. This move is likely to further encourage other institutions to explore Bitcoin as a component of their investment portfolios, driving continued growth and adoption in the cryptocurrency market.
Source: crypto.news
The post MicroStrategy boosts Bitcoin holdings to 214,400 BTC with $7.8m purchase appeared first on HIPTHER Alerts.
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