Bitbond is a peer to peer lending platform and has recently completed its security token offering for a bond-like security (BB1). The firm has now announced that their token is now tradable.
The Bitbond Token (BB1) is Germany’s first security token and aims to make business lending globally accessible. Founded in 2013, Bitbond now facilitates more than $1 million in business loans every month. The issuer of the token is Bitbond Finance GmbH, a company fully owned by Bitbond GmbH. Bitbond is the first crypto-currency based lending platform for business loans that operates globally. (Check the Stellar explorer to view live action of trades.)
The Stellar platfor has described the BB1 token as follows:
BB1 is a bond (tokenized security). Bond type: corporate bond. Seniority: subordinated unsecured debt. Industry: Finance. Country of issue: Germany. Issued on: 01-JUL-2019. Maturity: 01-JUL-2029. Fixed coupon: 4.00% p.a. (frequency: quarterly, first coupon date: 01-OCT-2019). Floating coupon: 60% of the pre-tax profit of Bitbond Finance (frequency: annually). Par value: 1.00 EUR. ISIN: DE000A2TR7Q2. ITIN: 8WR5-AKBG-X. All coupons and the repayment of BB1 are EUR denominated and paid in XLM to holders of BB1 at the time of a payment due date. Approved securities prospectus according to EU Prospectus Regulation: https://www.bitbondsto.com/files/bitbond-sto-prospectus-de.pdf Callable yearly: next call 31-DEC-2021 at 100%.
Similar Updates From Germany
Germany’s security regulator the Federal Financial Supervisory Authority (BaFin) has approved the prospectus of StartMark in order to allow them pursue a security token offering (STO).
Another firm, Fundament Group has announced a €250 Million blockchain-based real estate bond with the approval of BaFin. The platform is said to “open up German real estate market to global investors.”