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21 May 2024
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Bitfinex Parent Partners El Salvador To Model Crypto Laws, Debuts $6.25M Asset Venture

iFinex, the parent company of Bitfinex, recently announced a groundbreaking partnership with the Salvadoran government aimed at shaping the regulatory landscape for cryptocurrencies in the country.  Additionally, Bitfinex Securities has initiated a token bond issuance project for the construction of a new Hilton Hampton Hotel at the El Salvador International Airport with a fundraising target of $6.25 million.

iFinex & Elsalvador Collaboration Paving Way for Digital Financial Instruments

The partnership between iFinex and the El Salvador government heralds a significant milestone in the establishment of a robust regulatory framework for digital assets and financial instruments in the region. Leveraging its extensive expertise in cryptocurrency exchange operations, iFinex is poised to play a pivotal role in advising El Salvador on regulatory matters and facilitating the issuance and trading of digital financial instruments.

The introduction of the world’s first “Volcano Bond,” secured by Bitcoin, underscores the innovative approach adopted by both parties to harness the potential of digital assets for economic development. Paolo Ardoino, Chief Technology Officer of Bitfinex Securities, expressed enthusiasm for the collaboration, emphasizing its potential to unlock new avenues for capital mobilization and share tokenization. El Salvador’s President, Nayib Bukele, echoed this sentiment, foreseeing the partnership as a catalyst for positioning El Salvador as a global financial hub.

Also Read: Japan’s Metaplanet Adopts Bitcoin As Treasury Reserve Asset Amid Weakening Yen

Bitfinex Securities Initiates Token Bond Project for Hilton Hotel Construction

Bitfinex Securities, a leading securities trading platform, has embarked on a landmark token bond issuance project to finance the construction of a Hampton by Hilton hotel at El Salvador International Airport. This initiative marks the first project undertaken by Bitfinex Securities El Salvador following its licensure under El Salvador’s Digital Asset Securities Act. The project, encompassing a five-story building with 80 rooms, commercial spaces, and amenities, aims to stimulate economic growth and job creation in the region.

Detailed information regarding the fundraising phase, including a mobilization target of $6.25 million, an interest rate of 10% per annum, and a minimum investment of $1,000, underscores the project’s investment potential. Investors participating in the project will receive exclusive benefits, including complimentary hotel stays based on their investment amounts.

Paolo Ardoino and Jesse Knutson, representatives of Bitfinex Securities, expressed pride in contributing to El Salvador’s development through this transformative project. Roberto Laguardia, president of Inversiones Laguardia, lauded the project’s alignment with El Salvador’s economic objectives and its potential to catalyze tourism development. The issuance of HILSV token bonds represents a continuation of Bitfinex’s successful ventures in tokenized asset offerings, with further initiatives anticipated in the near future.

Also Read: Hong Kong ETF: Guotai Junan Pioneers Unique Spot ETF Offerings

The post Bitfinex Parent Partners El Salvador To Model Crypto Laws, Debuts $6.25M Asset Venture appeared first on CoinGape.

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