Generative Art Platform Fxhash Secures $5M in Seed Funding Round Led by 1kx
The Seed Round Fxhash, the groundbreaking generative art platform and marketplace, has successfully closed an oversubscribed $5 million seed fundraising round. Spearheading this investment initiative was 1kx, an early-stage crypto-focused venture capital firm renowned for its strategic ecosystem growth investments. Founded in 2021, Fxhash has emerged as the...
STO’s On ERX: Over 7,000 Holders Received Revenue Generated By Rental Income Of The Underlying Asset
STO exchange ERX has delivered on its first promise. Over 7,000 holders of the real-estate-backed token SIRIHUB have received revenue generated by rental income of the underlying asset.
A new utility token called ER-X is also planned to launch on Tezos.
By: Lee Evans
29 May 2022
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
While most banks have diminished interest rates on saving accounts to nothing or even negative rates, new financial products that utilize the Tezos blockchain allow both small and large investors to tap into the revenue generated in the real estate market.
STO exchange ERX has delivered on its first promise. Over 7,000 holders of the real-estate-backed token SIRIHUB have received revenue generated by rental income of the underlying asset.
You can find out more about the underlying assets here.
ERX is a Tezos-based exchange, created by Elevated Returns, and specifically designed to trade Security Token Offerings (STO).
STO’s are classified as securities and trading them will need to be done while following strict regulations. This can be done by implementing all the rules and restrictions of these regulations in the tokens through smart contracts on the Tezos blockchain.
Each STO will have its own regulations to follow. This means that each STO will have its customized rules and restrictions implemented in a custom token.
The smart contracts on the blockchain allow the automation of several required processes in an immutable and transparent way.
This way, utilizing smart contracts, allows you to cut out one or more middlemen. This brings many advantages such as cost reduction and a large reduction in process times.
In short:
Limiting the possibility to trade these tokens strictly on ERX, allows the enforcement of these regulations automatically through the Tezos blockchain without the interference of lawyers, notaries, or brokers.
Another advantage of tokenizing assets such as real estate into STOs is the fact that large assets can be sold fractionalized.
An entire building can now be owned by a large number of investors who all share in the revenue that building brings.
ERX and Tezos
The Tezos blockchain is an important component of ERX. All traders that register on ERX will have personal addresses on the Tezos blockchain.
Due to the fact that users will need a separate address for each asset they own on ERX, every user will eventually have several Tezos addresses to his or her name.
Initial trades will be made in the custodial wallet and all transactions will be registered on the Tezos blockchain in batches. This way customers will be able to pay in fiat, while ERX takes care of the transaction costs which are paid in XTZ.
Why Tezos addresses?
This is because all assets that are traded on ERX will be registered on the Tezos blockchain. And all the necessary info will be needed to be able to comply with the Thai SEC can be registered using Tezos’ token standards.
10,000 registered accounts and 7,000 holders
ERX currently has 10,000 registered accounts and over 7,000 holders.
Currently, the only STO traded on ERX is the SIRIHUB security token. SIRIHUB tokens are backed by a 73 million USD real estate project, which serves as the underlying asset that is represented by the tokens that are offered.
SIRIHUB tokens earn interest that is generated by the underlying asset. In this case, rental income.
This month, all holders of SIRIHUB tokens received their cash interest payment for the first time.
SIRIHUB token is Thailand’s first public real estate-backed STO and was launched under the supervision of the Thai Securities and Exchange Commission (SEC).
ER-X: a utility token
The ERX exchange will have a utility token called ER-X.
It will allow users to get discounts on transaction fees on the exchange. ER-X tokens will be launched on Tezos and they are pure utility tokens.
This means that ER-X tokens are not security tokens and will be trading on multiple (crypto) exchanges. The supply of ER-X will be capped and there will be a presale.
More exciting news is to be announced this year by ERX so make sure you follow Elevated Returns and Stephane De Baets on Twitter for more updates.
(And don’t forget to give us a follow on Twitter too.)
Interested investors can open an account via the website
Disclaimer
Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.
Complete the submission form, which includes fields for your name, contact information, a short author bio, and the title of your article. Submit your Word document as a word doc file. If you encounter any issues during the submission process, please contact our support team for assistance at [email protected]. We encourage all aspiring contributors to read and understand our submission guidelines and editorial policy before submitting.
Deloitte Luxembourg announces that it will become a Tezos Corporate Baker. As a Corporate Baker, Deloitte Luxembourg will be responsible for validating, securing and adding transactions (blocks) to the Tezos blockchain. This new position allows Deloitte Luxembourg and Tezos to explore synergies in Web3-related topics, alongside other ecosystem stakeholders.
This partnership signals an innovative foray into the realm of digital art collectibles, anchored by a forthcoming exhibition on Vincent van Gogh. Scheduled to commence on October 3, 2023, the highly anticipated exhibition is titled “Van Gogh in Auvers-sur-Oise: The Final Months”.
