Bitfinex to Refund El Salvador Hotel Tokenized Bond Investors

IconCryptoNewsTerminal Staff05 Jul, 2024

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Bitfinex to Refund El Salvador Hotel Tokenized Bond Investors

Bitfinex Securities, the tokenized securities platform of global cryptocurrency exchange Bitfinex, has decided to refund investors in a tokenized bond offering for a Hilton hotel construction project in El Salvador. Bitfinex Securities launched the offering in May with a target of raising $6.25 million. However, it failed to raise even the minimum $500,000 required for the project to go ahead, prompting the decision to return funds. The offering reportedly raised around $342,000 from Salvadoran participants, representing just 5% of the intended total. "We are awaiting a new proposal from the tokenized bond issuer," a Bitfinex spokesperson added.

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