Bitfinex Securities Ltd. has successfully secured $5.2 million in USDT through the issuance of their tokenized bond, ALT2612.
This milestone was achieved with the assistance of ALTERNATIVE, a Luxembourg-based securitization fund managed by Mikro Kapital, a microfinancing company.
Bitfinex Securities, the securities arm of the renowned crypto exchange Bitfinex, has hailed this accomplishment as a testament to their commitment to innovation within the microfinancing sector.
ALT2612 is a bond issued on the Liquid Network, a side-chain built on the Bitcoin blockchain, specifically designed for security token offerings.
Paolo Ardoino, the CEO of Tether and CTO of Bitfinex Securities, expressed the significance of this achievement, stating, “This proof of concept goes beyond mere fundraising; it represents a significant step towards integrating USDt into the microfinancing industry.
Our ongoing challenge is to bridge the gap between traditional and crypto investors, educating them about the mutual benefits of high-quality securities and tokenization.
The role played by Mikro Kapital in this endeavor is indispensable.”
Bitfinex Securities had previously unveiled its plans for ALT2611 in October, aiming to revolutionize capital acquisition by targeting microfinance organizations, small financial institutions, leasing companies, and banks along the historic Silk Road.
Ardoino praised this initiative as a sign of a new financial era. With a commitment to creating liquid markets, Bitfinex Securities seeks to facilitate the trading of blockchain-based bonds, stocks, and investment funds.
Bitfinex Securities offers a platform for companies to tokenize their goods, debt, and equity securities, enabling the trading of these products on exchanges using cryptocurrency-like technology, thus expanding the possibilities in the world of financial transactions.
ALT2611, initially priced at 100 USDT, requires a minimum investment threshold of 125,000 USDT and operates within the legal framework of the Grand Duchy of Luxembourg.
It’s important to note that this bond is not available to US citizens or individuals within the US. Mikro Kapital intends to issue 100,000 securitized tokens of ALT2611 to raise 10 million USDT.
In addition to this achievement, Bitfinex introduced zero-fee trading for its users in Argentina, Colombia, and Venezuela back in October.
This offering enables users to buy and sell digital assets at market prices without incurring any fees, marking a significant development in the crypto trading landscape of the region.
Bitfinex’s strategic move aligns with recent actions taken by other industry giants like Binance.US and Binance, both of which introduced similar zero-fee trading initiatives for Bitcoin and Ethereum pairs.
These competitive strategies aim to attract a larger user base and enhance the overall trading experience for crypto enthusiasts.