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Update: July 6, 10:33pm in UTC: This article has been corrected to reflect that Bitfinex Securities is now awaiting a new, potential offer from the debt issuer, Inversiones Laguardia s.a. de c.v.
Digital asset platform Bitfinex Securities said it would refund investors of its Hilton hotel venture at El Salvador’s international airport after it failed to attract the $500,000 minimum funding needed to continue.
The project, which marked the first public offering of <a href="https://cointelegraph.com/learn/asset-tokenization">digital debt assets</a> in El Salvador, only mustered $342,000 from investors before the first deadline — barely 5% of the $6.25 million it was looking to raise.
“As per the Relevant Information Document, Bitfinex will be refunding all investors,” a Bitfinex spokesperson confirmed with Cointelegraph.
"However we expect the issuer to restructure the offer,” the spokesperson added.
For now, Bitfinex has removed <a href="https://cointelegraph.com/news/el-salvador-new-hilton-hotel-tap-into-tokenized-debt-bitcoin">the public offering</a> from its website.
The funds were intended to finance the construction of the Hampton by Hilton hotel, sized at 4,500 square meters across five levels with 80 rooms, a restaurant, working area, swimming pool, gym and garden. 
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 Source:&nbsp;<a href="https://twitter.com/Eleconomistanet/status/1778553631286960279" target="_blank" rel="noopener nofollow">El Economista</a>
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To own a slice of the Hilton hotel, investors had to make a minimum $1,000 investment to purchase the “HILSV” token on the Bitcoin layer 2 <a href="https://cointelegraph.com/explained/bitcoin-defi-ecosystem-explained">Liquid Network. </a>
In exchange, crowdfunders were to receive a 10% coupon over a five-year term.
Related: <a href="https://cointelegraph.com/news/el-salvador-mines-bitcoin-volcanic-energy">El Salvador mines 474 Bitcoin using geothermal volcanic energy</a>
El Salvador, widely known for its&nbsp;<a href="https://cointelegraph.com/news/el-salvador-bitcoin-experiment-nayib-bukele-re-election">Bitcoin investment and adoption strategy</a>, expanded into the real-world asset tokenization space in April 2023 when it granted Bitfinex a&nbsp;<a href="https://cointelegraph.com/news/bitfinex-securities-el-salvador-receives-digital-asset-service-provider-license-in-el-salvador">digital asset service provider license</a>.
When the Hilton hotel venture was announced, Bitcoin commentator Stacy Herbert <a href="https://x.com/stacyherbert/status/1778416634937422013" target="_blank" rel="noopener nofollow">said</a> Bitfinex’s expansion marked a “new era of capital markets” on Bitcoin in El Salvador as it would offer the local population a new way to access financial markets.
Meanwhile, El Salvador is looking to <a href="https://cointelegraph.com/news/bitcoin-banking-el-salvador-bank-for-private-investment-nayib-bukele">establish investment banks</a> that offer Bitcoiners access to financial services with fewer restrictions compared to traditional banks.
Magazine: <a href="https://cointelegraph.com/magazine/el-salvador-bitcoin-chief-argentina/">El Salvador’s national Bitcoin chief has been orange-pilling Argentina</a>

Bitfinex to refund investors of its failed El Salvador Hilton hotel project

Cointelegraph

Άλλα άρθρα που δημοσιεύτηκαν στις 6 Ιουλ 2024

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