Blockchain lender Bitbond has announced a new security token offering (STO) that it claims is the first such offering to be approved by a regulator in Germany.
The platform hopes to raise EUR 3.5 million (USD 3.9 million) through the STO so it can expand on its business, which has a loan model aimed at small businesses. The offering for the security token, BB1, is now available for all investors save from US and Canada until its last sale day on 8 July 2019.
Once ten years have passed, Bitbond will buy back BB1, making the tokens similar to a bon. German market regulator Federal Financial Supervisory Authority (BaFin) has apparently approved of the STO’s prospectus.
Bitbond CEO and founder Radoslav Albrecht declared:
“Small businesses are an incredibly important part of the economy, and hire the majority of all employed people worldwide. We see this STO as a way to help small businesses create more jobs, and supercharge their own growth.”
Bitbond’s clientele include small enterprises using e-commerce platforms like Amazon and eBay in Asia, for which working capital loans of up to USD 15 million have already been processed.
According to CoinDesk, The six-year old company has previously raised millions of dollars in venture capital funding to expand on its lending business. In four previous rounds, it raised a collective total of over USD 10.5 million.
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