Fun

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

News Feed - 2024-07-06 02:07:54

Brayden Lindrea3 hours agoBitfinex to refund investors of its failed El Salvador Hilton hotel projectBitfinex intends to refund all investors but is firstly awaiting a potential new offer from the debt issuer to keep the project alive.1647 Total views17 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDigital asset platform Bitfinex Securities said it will 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 digital debt assets in El Salvador, only mustered in $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.


But Bitfinex won’t act right away. “We expect the issuer to restructure the offer,” the spokesperson said.


However, the issuer — Inversiones Laguardia S.A. de C.V. — hasn"t confirmed its next course of action.


For now, Bitfinex has removed the public offering from its website.


The funds were intended to finance the construction of the Hampton by Hilton hotel, sized at 4,500 square feet across five levels with 80 rooms, a restaurant, working area, swimming pool, gym and garden.Source:El Economista


To own a slice of the Hilton hotel, investors hadto make a minimum $1,000 investment to purchase the “HILSV” token on the Bitcoin layer 2 Liquid Network.


In exchange, crowdfunders were to receive a 10% coupon over a 5-year term.


Related:El Salvador mines 474 Bitcoin using geothermal volcanic energy


El Salvador, widely known for itsBitcoin investment and adoption strategy, expanded into the real-world asset tokenization space in April 2023 when it granted Bitfinex adigital asset service provider license.


When the Hilton hotel venture was announced, Bitcoin commentator Stacy Herbert said 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 establish investment banks that offer Bitcoiners access to financial services with fewer restrictions compared to traditional banks.


Magazine:El Salvador’s national Bitcoin chief has been orange-pilling Argentina# Bitcoin# Business# Adoption# Bitfinex# El SalvadorAdd reaction

News Feed

Brayden Lindrea9 hours agoBinance CEO brushes off negativity, assures firm has ‘no liquidity issues’Despite the so-called FUD, Changpeng Zhao said in reality, the crypto industry has scored a number of massive wins i
Zhiyuan Sun12 hours agoHTX’s Justin Sun claims record profits despite staff cutsThe blockchain personality claims that his exchange recorded a profit of $98 million in Q3 2023.1476 Total views16 Total sharesListen to a
Economists Predict Worst Recession Ever for India Amid Lockdown Extension
Economists Predict Worst Recession Ever for India Amid Lockdown ExtensionEconomists have predicted that India will face its worst recession ever as the country announced another nat
Bitcoin, Ethereum Technical Analysis: ETH, BTC Both Near 2-Week Lows Following Recent Declines
Bitcoin, Ethereum Technical Analysis: ETH, BTC Both Near 2-Week Lows Following Recent Declines BTC and ETH were once again lower during today’s trading session, as both were
Japanese Bank SMBC to Foray Into NFT and Web3 Markets
Japanese Bank SMBC to Foray Into NFT and Web3 Markets The Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three biggest banks in Japan, has announced it is pl
3 prevendite crypto da considerare prima dell’insediamento di Trump
Este artículo también está disponible en español. Mancano solo pochi giorni all’insediamento del nuovo presidente degli Stati Uniti, Donald Trump, e l’attesa
William Suberg13 hours agoBitcoin can still hit $19K, warns trader ahead of BTC price ‘big move’BTC price should see a serious shake-up in the coming days, but Bitcoin market participants are increasingly worried it
South Korea Pushes for a Bitcoin Reserve. Could $BTCBULL Presale Benefit?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Blockaid says it caused crypto drainer to shut down, defends against claims of 'false positives'
Christopher Roark5 hours agoBlockaid says it caused crypto drainer to shut down, defends against claims of "false positives"The team defended itself against claims of excessive false positives, suggesting it was so effec
GAIMIN Delivers a Decentralized Approach to the Increasing Requirement for More Data Processing Power
GAIMIN Delivers a Decentralized Approach to the Increasing Requirement for More Data Processing Power sponsored The world-wide demand for data processing is increasing year-on-year,
Biggest Movers: AXS Falls Lower Following Hacks, While ZIL Climbs by Over 50%
Biggest Movers: AXS Falls Lower Following Hacks, While ZIL Climbs by Over 50% AXS was trading lower on Wednesday, after it was reported that the Axie Infinity network Ronin suffere
Blockchain Firm Labs Group Taps Enjin to Tokenize Real Estate Assets
Blockchain Firm Labs Group Taps Enjin to Tokenize Real Estate Assets The year has started with a batch of announcements regarding tokenization in various sectors