THREE digital asset players have joined hands to educate the public about token crowdfunding (TCF), digital assets investments and the critical importance of secure digital asset storage.
They are (i) online auction platform Bidnow; (ii) pitchIN, a recognised market operator (RMO) registered with the Securities Commission Malaysia (SC) that operates a TCF platform (also referred to as initial exchange offering); and (iii) Gambit Custody, a digital asset custody platform.
As part of this strategic partnership, Bidnow which is renowned for its one-stop solution platform for auctions is set to play a pivotal role in Malaysia’s digital asset ecosystem through its upcoming token fundraising on the pitchIN platform.
TCF is a cutting-edge way for businesses to raise funds by selling digital tokens to investors. These tokens can be designed to provide different rights and features to investors.
Unlike initial coin offerings (ICOs) where tokens are sold directly by the project team to investors, the registered platform acts as an intermediary and facilitates the token sale in TCF.
In this case, pitchIN will be the recognised token crowdfunding platform for Bidnow. It is crucial to note that Bidnow’s token sales are contingent upon receiving approval from the SC.
Known for being one of the leading online auction platforms, Bidnow boasts over 20,000 active users and 8,000 real estate brokers. With a strategic roadmap that aims to be the first TCF issuer in Malaysia, Bidnow aims to introduce a token-based loyalty and rewards system enabled through blockchain.
This will allow Bidnow users to utilise $BID tokens for various services offered by Bidnow such as membership subscriptions, transaction fees and rewards for agents.
To kickstart this initiative and promote awareness, a series of webinars and workshops are set to be jointly hosted by Bidnow, pitchIN and Gambit.
Taking place from Feb 19 to March 3, these educational sessions will provide valuable insights into the crypto market, digital assets and the intricacies of TCF. Whether in-person or online, these workshops aim to empower potential investors with the knowledge needed to navigate the evolving landscape of digital assets.
The commitment to regulatory compliance is a cornerstone of this collaboration. Bidnow has selected pitchIN and the Gambit platform due to their adherence to the highest regulatory standards. This collaboration reflects the shared commitment of the entities involved to contribute to shaping a compliant and secure digital asset industry.
Elsewhere, it marks a significant step towards fostering education and understanding in the realm of digital assets. The partners are enthusiastic about contributing to a more informed investor community and a compliant digital asset landscape.
Those interested to learn about TCF, can submit their enquiries to [email protected]. – Jan 22, 2024
