Bitfinex is eager to receive a prospective new offer from the debt issuer in order to maintain the project’s viability. However, it plans to refund all investors first.
In light of the fact that its Hilton hotel business at El Salvador’s international airport was unable to get the $500,000 minimum investment necessary to proceed, digital asset platform Bitfinex Securities has announced that it would be returning investors’ money.
The initiative, which was the first public offering of digital debt assets in El Salvador, only managed to secure $342,000 from investors before the first deadline, which is less than 5% of the $6.25 million it was aiming to raise.
A spokesperson for Bitfinex verified to Cointelegraph that the company will be refunding all investors in accordance with the Relevant Information Document.
However, Bitfinex will not immediately respond. The spokesperson stated, “We anticipate that the issuer will modify the offer.”
Nevertheless, Inversiones Laguardia S.A. de C.V., the issuer, has not declared its subsequent course of action.
Bitfinex has temporarily removed the public offering from its website. The Hampton by Hilton hotel, which has 80 accommodations, a restaurant, a working area, a swimming pool, a gym, and a garden, was to be constructed with the funds. The hotel is situated at 4,500 square feet and spans five levels.
In order to acquire a portion of the Hilton hotel, investors were required to invest a minimum of $1,000 in the “HILSV” token on the Bitcoin layer 2 Liquid Network.
Crowdfunders were to receive a 10% coupon over a five-year period in exchange. In April 2023, El Salvador granted Bitfinex a digital asset service provider license, thereby expanding its business into the real-world asset tokenization space. The country is renowned for its Bitcoin investment and adoption strategy.
Bitcoin commentator Stacy Herbert declared that Bitfinex’s expansion would inaugurate a “new era of capital markets” in El Salvador in conjunction with the Hilton hotel endeavor, as it would provide the local populace with a novel method of accessing financial markets.
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