Bitbond’s STO Is Now Open in Asia
Bitbond is holding one of Europe’s first legal STOs. Now, it is opening its doors to Asian investors. Bitbond is looking to raise some €3.5M to support SMEs in Asia with business loans.
Bitbond received the green-light to hold its STO in early 2019, gaining approval from German regulator BaFIN. Now, it is expanding to Asia. Supporting SMEs in the continent, Bitbond’s STO is open to Asian investors.
Bitbond currently operates a P2P lending network which includes some 50,000 investors. Since launching, the blockchain-based company has loaned out around $15M to many small businesses with over 150,000 users in 80 countries.
These ‘micro-loans’ are meant to get small businesses off the ground and running. The maximum loan amount Bitbond offers is €25,000. Bitbond’s CEO, Radoslav Albrecht, has said that small businesses should be the focus of crypto-adoption. Bitbond is looking to “supercharge” this growth, he said.
Opening Up to Asian Investors
Currently, Bitbond has raised some €2M in its STO currently. However, it is now expanding to Asia and has lifted its goal with the expectation of raising €3.5 million. The security token offered is the Bitbond (BB1) which functions like a bond: Bitbond will be buying it back after 10 years.
The STO will continue to run until July 8th. It is still open to investors around the world with the exception of the United States and Canada. The STO has no real hard cap and can go as high as €100M.
The BB1 is expected to be immediately tradeable upon issuance.
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Image courtesy of Fintech Hub.