Key Takeaways
- Bitfinex Securities launches a tokenized debt issue to fund a hotel complex at El Salvador International Airport;
- The HILSV token, representing the first tokenized debt issue in El Salvador, aims to raise $6.25 million;
- The project underscores El Salvador's commitment to boosting its tourism industry and economic development.
Bitfinex Securities, a leading tokenized securities platform, has announced the launch of a new tokenized debt issue to fund the construction of a Hampton by Hilton hotel complex at El Salvador International Airport.
Earlier this year, Bitfinex Securities became the first regulated entity in El Salvador to operate under the newly enacted Digital Asset Securities Law.
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The platform has previously hinted at a lineup of potential financial asset issuances slated for the first half of the year. Living up to its promise, Bitfinex Securities, in partnership with local firm Inversiones Laguardia SA de CV, is now pioneering the country's first tokenized debt issue.
The tokenized debt, represented by the HILSV token, will be available on the Liquid Network—a Bitcoin sidechain—and can be traded against US dollars and Tether's USDT stablecoin.
Paolo Ardoinio, CTO of Bitfinex Securities, emphasized the revolutionizing nature of this issuance, stating:
The HILSV token marks the first digital asset tokenisation from El Salvador and represents an important step forward in developing its nascent capital market as well as introducing a major new asset class into the market.
The offering aims to gather $6.25 million, providing investors with a 10% annual coupon over a five-year term. The capital raise will begin on May 13, with a minimum stake of $1,000 per investor.
The funds raised will support the construction of the 4,484-square-meter hotel facility. This project is expected to create about 1,000 jobs during its construction phase and an additional 5,000 once operational.
Roberto Laguardia, President of Inversiones Laguardia, shared his optimism about the impact of this venture on local economic growth:
The recently implemented digital asset laws will grant us access to capital markets that were previously unavailable to us. This access will allow us to develop crucial tourism-related infrastructure, thereby unlocking the potential for growth in the tourism sector. This expansion will ultimately result in economic benefits for every Salvadoran citizen.
This tokenized debt issue not only illustrates El Salvador's innovative approach to financing major infrastructure projects but also highlights the growing integration of digital assets in mainstream financial markets.
Recently, Bitfinex was also making the headlines for introducing perpetual futures tracking price changes in Bitcoin and Ethereum.
