Bitfinex Crypto Initiative: Token Bond Unveiled for El Salvador Tourism Drive

Bitfinex collaborates with El Salvador on a groundbreaking $6.25M token bond project for a hotel, marking the first under the Digital Asset Law. The initiative aims to spur economic growth, create jobs, and boost tourism.

In a landmark partnership, Bitfinex and the government of El Salvador unveil a pioneering token bond project aimed at catalyzing economic growth and invigorating tourism. The initiative, valued at $6.25 million USD, marks a significant milestone in El Salvador adoption of digital assets.

Bitfinex Securities, in collaboration with iFinex, Bitfinex parent company, spearheads the project, signaling a bold step towards leveraging cryptocurrency in traditional finance. The venture, licensed under El Salvador Digital Asset Securities Law, showcases the country progressive stance on blockchain integration.

The token bond issuance will fund the construction of a new Hampton by Hilton hotel at the international airport, promising to be a cornerstone in El Salvador hospitality landscape. Boasting 80 rooms and modern amenities such as a swimming pool and restaurant, the project aims to elevate tourism standards and attract visitors from around the globe.

Investors can participate in the project with a minimum investment of $1,000 USD, offering an attractive interest rate of 10% per annum over a five-year term. The primary token, HILSV, will be traded on the Liquid Network, a Bitcoin sidechain, facilitating seamless transactions and liquidity.

Paolo Ardoino, CTO of Bitfinex Securities, heralds the initiative as groundbreaking, unlocking new avenues for investment and development in El Salvador. Jesse Knutson, COO, underscores the project’s potential to generate employment opportunities, with an estimated 1,000 jobs during construction and 5,000 direct and indirect jobs upon completion.

Roberto Laguardia, president of Inversiones Laguardia, applauds El Salvador embrace of the Digital Assets Law, foreseeing a transformative impact on the economy. The legislation, he believes, will not only stimulate tourism but also open doors to previously untapped markets, fostering sustainable growth and prosperity for the nation.

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