Tezos-Based STO ‘SIRIHUB Token’ Issued For 73 Million USD By XSpring: Traded Over USD450k In The First 12 Hours On ERX

SIRIHUB

STO’s (Security Token Offerings) are offerings of real-world assets in tokenized form. The asset, in this case, is a 73 million USD real estate project, which serves as the underlying asset that is represented by the tokens that are offered.

Investors that buy these tokens, do not only own fractions of the tokenized asset, but also earn interest that is generated by the underlying asset. In this case rental income.

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). The token is built on the Tezos blockchain, which enables the enforcement of regulations through smart contracts.

These specific smart contracts are designed to ensure compliance with Anti-Money Laundering/ Combating the Financing of Terrorism (AML/CFT) measures, Know Your Customer (KYC) standards, and the whitelisting of investors.

Tokenizing assets through STOs enable small investors to tap into assets that are traditionally only accessible for big investors. Additionally, trading these assets in a tokenized form on a regulated platform increases liquidity by a large margin.

Buying or selling real estate property as a whole with the need of lawyers and/ or notaries is expensive and time-consuming. However, buying or selling tokens on a platform like ERX is as simple, fast, and cheap as trading cryptocurrencies.

The success of the launch of SIRIHUB Token proves this to be a winning concept for the Thai market. With the launch of SIRIHUB token, for the first time, all types of investors, big and small have been able to invest in this type of regulated offering in Thailand.

This concept has been met with great enthusiasm which resulted in the distribution of tokens to more than 6,000 subscribers, which represents a major breakthrough for the industry.

Read more about SIRIHUB here.

XSpring Digital

The SIRIHUB token was issued on XSpring Digital, which is the digital arm of the investment management company XSpring Capital (BKK: XPG), which is an emerging leader in Asia’s digital investment marketplace, providing financial and investment services including securities brokerage, investment advisory, and underwriting to clients in Thailand and Southeast Asia.

XSpring Capital recently secured a large funding round ($225 million) with partners in Thailand to accelerate the development of its financial marketplace that combines traditional and digital asset products.

XSpring Capital is also a portfolio company of US-based asset management firm Elevated Returns, which specializes in digitizing traditional financial assets using blockchain technology. Founder and President of Elevated Returns, Stephane De Baets, is a pioneer in blockchain-based real estate investing.

In 2018, he facilitated the first major commercial real estate transaction using blockchain technology to sell ownership stakes in the St. Regis Aspen Resort known as Aspen Digital Token, or Aspencoin. Stephane’s vision is to create a digital asset ecosystem and provide access and liquidity to the broader digital asset market.

XSpring Digital is in the process of negotiating with more than 10 businesses that have expressed an interest in raising funds through these Thai investment opportunities, labeled in Thailand as ‘ICOs’.

The companies operate in the entire real estate sector, tourism, energy, and entertainment industry.

This is XSpring Digital’s first steps in pursuing its plan to penetrate the digital asset business on a massive scale. The company also applied for a digital asset broker license (Digital Asset Broker) to complete its digital asset product offering.

Secondary Market on ERX

“SiriHub Token” has started trading on the secondary market on October 12, giving investors the opportunity to buy and sell the token on the ERX digital asset exchange, also fully regulated by the Thai SEC.

Interested investors can open an account via the website https://erx.io.

You can read more about ERX here.

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