Bitbond has launched Germany’s first Security Token Offering with a BaFin (German Fiancial Monitoring Authority) approved Prospectus. Bitbond will be using BitGo’s Business Wallet.
The STO has a hard cap of EUR 100 million (~USD 113 million) and will conclude in May. Thousands of investors have already joined to take advantage of early bird discounts.
The STO marks a significant milestone for the crypto asset industry, not only because it has an approved prospectus, but also because it offers tokenized debt with a predetermined maturity.
Bitbond Token (BB1) holders will receive quarterly and annual payments for 10 years, after
which Bitbond will buy back the token at its original value of EUR 1 per token.
Allocating the correct BB1 amounts to STO investors is not a trivial task and Bitbond is delighted that BitGo provides support and guidance on this matter. More specifically, via BitGo, Bitbond will generate wallet addresses for users who pay for the BB1 Token with one of the three cryptocurrencies that are accepted in the Token Offering. These are stellar lumens, bitcoin and ether.
As this is the first Token Offering with a BaFin approved prospectus, it is vitally important that all processes work well and investors enjoy an excellent experience. BitGo’s industry-leading software and expertise will help to ensure that the STO goes smoothly.
BitGo defines itself as the leader in digital asset financial services. Founded in 2013, BitGo introduced the industry’s first multi-signature hot wallet.
Today, BitGo is the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global transactions in the largest
cryptocurrency, and $15 billion per month across all cryptocurrencies. In 2018, BitGo introduced BitGo Custody, the first qualified custodian purpose-built for storing digital assets.
Bitbond CEO Radoslav Albrecht:
“BitGo is known throughout the blockchain industry as a market leader for payment processing, and has built one of the most secure cryptocurrencystorage solutions around. Therefore we are delighted to be partnering with them, in order to
ensure our investors enjoy a smooth and frictionless experience.”
BitGo Vice President of Sales Josh Schwartz:
“The Bitbond STO marks an important moment in digital asset trading, and BitGo is proud to support the effort. A licensed STO in Germany represents a paradigm shift and sets an important precedent for regulated token offerings of the future. We believe that regulated offerings are a critical step in bringing digital assets to a broader audience.”
BitGo says the company is the market leader in institutional cryptocurrency financial services, providing clients
with security, compliance, custodial, and liquidity solutions. Also, BitGo claims to be the world’s largest processor of on-chain bitcoin transactions, processing 15% of all global Bitcoin transactions, and $15 billion per month across all cryptocurrencies. The company supports over 100 coins and tokens, and has over $2 billion in assets in wallet. BitGo’s customer base includes the world’s largest cryptocurrency exchanges and spans more than 50 countries. In 2018, it launched BitGo Trust Company, the first qualified custodian purpose-built for storing digitala ssets. BitGo is backed by Craft Ventures, DCG, DRW, Galaxy Digital Ventures, Goldman Sachs, Redpoint Ventures, and Valor Equity Partners.