The Bitfinex Securities platform is preparing to issue its first tokenized bonds in November.
According to Bitfinex CTO Paolo Ardoino, the tokenized bond, called ALT2611, is a 36-month 10 percent coupon bond denominated in US dollars and issued by one of the world’s leaders in microfinance, Mikro Kapital.
According to the company, the tokenized bond ALT2611 will absorb the risks associated with the debt and capital of microfinance organizations, small financial institutions, leasing companies and banks in Italy, Romania, Moldova and other developing countries in the Silk Road region.
Ardoino sees the tokenized bond on the securities platform as ushering in a new era of raising capital through deeply liquid and equity/fund markets.
Bitfinex said the tokenized bond will begin trading at 100 USDT with a minimum investment of 125,000 USDT. The distribution of securities will begin within one week after completion of the capital raising with a maturity of three years from the date of issue. The Security Note will be governed by and construed in accordance with the laws of the Grand Duchy of Luxembourg.
According to the official announcement, Mikro Kapital will issue 100,000 securitized ALT2611 tokens with a goal of raising 10m USDT. ALT2611 is not offered or made available to U.S. persons or persons located in the United States or any other jurisdiction where offering or selling would be unlawful.
Earlier this month, Bitfinex’s parent company made a $150 million share buyback offer to affected customers due to a hack in 2016. She addressed the company’s shareholders with such a proposal on September 22, 2023. The transaction volume could amount to 9 percent of the crypto firm’s outstanding capital, with a total business valuation of $1.7 billion.