Digital assets platform Bitfinex Securities said it will refund investors in the Hilton hotel project at El Salvador's international airport after failing to attract minimum funding of $500,000 to continue continue implementation.
The project, which marks the first public offering of digital debt assets in El Salvador, raised just $342,000 from investors before its first deadline – just 5% of the 6.25 million dollars the project wants to raise.
“Bitfinex will refund all investors but did not take immediate action. We hope the issuer will restructure the offer,” said a Bitfinex spokesperson.
However, the issuer — Inversiones Laguardia SA de CV — has yet to confirm further action.
Bitfinex has now removed the public offering from its website.
The money is intended to finance the construction of the Hampton by Hilton hotel, which will span 4,500 square feet across five floors with 80 rooms, a restaurant, work areas, swimming pool, gym and garden. .
Source: El Economista
To own a part of the Hilton hotel, investors must invest a minimum of $1,000 to buy “HILSV” tokens on Bitcoin layer 2 Liquid Network.
In return, crowdfunders will receive a 10% discount coupon for a period of 5 years.
El Salvador, widely known for its Bitcoin adoption and investment strategy, expanded into physical asset tokenization in April 2023 when it granted Bitfinex a license to provide digital asset services.
When the Hilton hotel project was announced, Bitcoin commentator Stacy Herbert said Bitfinex's expansion marked a “new era of capital markets” for Bitcoin in El Salvador because it would provide locals a new way to access the financial markets.
Meanwhile, El Salvador is looking to establish investment banks that would give Bitcoin users access to financial services with fewer restrictions than traditional banks.
https://tapchibitcoin.io/bitfinex-hoan-tien-khach-san-hilton-el-salvador.html