pitchIN, Malaysia’s digital fundraising and investment hub, announced the launch of its inaugural Token Crowdfunding (TCF) deal with BidNow.
This RM10 million primary offering of utility tokens by BidNow, an online auction platform, marks a significant development in Malaysia’s digital asset landscape.
Token Crowdfunding, or Initial Exchange Offering (IEO) in Malaysia, provides a new method for businesses to raise capital through digital token issuance.
The BidNow token ($BID) will be used as the primary medium of exchange on the BidNow platform, applicable for services such as loyalty rewards, membership registration, and transactions in the BidNow NFT Marketplace. $BID holders will also access additional privileges, including discounted fees and higher commission payouts.
TCF offers businesses more flexibility, brand exposure, and exit opportunities, combining investment returns with access to future products and services.
It allows investors to diversify their portfolios and potentially enhance their returns by investing in early-stage digital tokens through a regulatory-compliant platform.
“It truly is a historic moment for pitchIN. We are pioneering the digital asset fundraising and investment ecosystem in Malaysia, and this is an important milestone for us. Our utmost gratitude goes to the Securities Commission of Malaysia (SC) for their leadership and guidance. pitchIN’s maiden TCF deal provides investors with the opportunity to invest in exciting digital investments through an approved avenue,”
said Sam Shafie, Co-founder and CEO of pitchIN, about the BidNow deal.
“BidNow’s deal is the first of many to come. We do have a few more in the pipeline. Our team is working very hard to ensure that the best interests of the businesses who are fundraising and investors who invest in them are being well taken care of. It is quite a complicated process; however, with the help of the SC, it is highly likely that we are going to be seeing more TCF deals being listed on TCF in the coming months,”
said Nicholas Chong, Head of Token Crowdfunding at pitchIN.
Featured image credit: Edited from pitchIN
