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Bitcoin Sidechain–Based STO Approved by German Regulator
This marks BaFin’s first approval of a security token offering issued on the Liquid Network.
Updated May 11, 2023, 6:01 p.m. Published Sep 17, 2021, 12:04 p.m. 1 min read
A security token offering (STO) operating on the Bitcoin sidechain Liquid Network has been approved by Germany’s Federal Financial Supervisory Authority (BaFin).
- Luxembourg-based video game publisher Exordium’s EXOeu token is now available to all German investors on digital asset marketplace STOKR.
- This is the first approval of an STO issued on a Bitcoin sidechain by BaFin, Exordium announced Friday.
- The EXOeu token, issued by tokenization platform Blockstream AMP, allows investors to buy equity in future profits of the online space strategy game Infinite Fleet.
- The STO harnesses the Bitcoin sidechain Liquid, which enables higher transaction speed than on the cryptocurrency’s principal network.
- Exordium has raised $7.3 million to date to date, $4.3 million of which has been since the launch of the STO in January this year.
Read more: German Crypto Startups Welcome $415B ‘Spezialfonds’ Law, Even if the Impact Is Small So Far
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