XEM and Bitcoin pour into the top equity-crowdfunding platform to facilitate raise for enterprise blockchain solution for loss prevention
CYBERJAYA (MALAYSIA), JANUARY 2, 2020 — pitchIN, a Malaysian licensed equity crowdfunding operator, had obtained approval from the Securities Commission of Malaysia to accept investments-in-kind made via the NEM (XEM) and Bitcoin (BTC) crypto tokens for the LuxTag equity crowdfunding (ECF) campaign.
Rene Bernard, CEO of LuxTag said, “LuxTag is running a truly global ECF campaign; their acceptance of Bitcoin and XEM shows they are a firm extending the opportunity across borders. We believe this campaign sets a precedent for other ECF issuers around the world.”
Bernard believes that through 2019, the blockchain industry in Malaysia experienced a bit of a slow-down, partially attributed to trends in international development and also due to the stifling nature of regulatory issues in the local scene that affected progress as well.
“We realize that technology alone doesn’t sell, it’s what we do with it…it’s the values we create, and what customer needs we cover,” he stated.
Bernard observed a shake-off in terms of blockchain companies that were merely riding the blockchain/crypto hype, but in the case of LuxTag, it managed to close a good handful of deals and launch solutions, which was quite an upside given the prevailing circumstances.
He went on to say that inevitably, blockchain technology will become part of business solutions and products; beginning with a limited implementation scope, creating limited immediate benefits.
“I foresee it to complement or enhance existing systems in 2020 first before it can genuinely disrupt and replace specific legacy systems all together in the mid-term future,” he added.
Along with LuxTag, pitchIN sought and obtained approval from the Securities Commission for the ECF campaign to accept crypto tokens XEM and BTC.
The ECF campaign seeks to raise up to Malaysian Ringgit (MYR) 2 million (approx. US$480,000). Contributions in Malaysian currency and crypto tokens in their MYR exchange-value are counted jointly.
The crypto tokens BTC and XEM are pledged as a non-monetary value trade-in. pitchIN considers the market value of the crypto tokens and assigns the equivalent number of LuxTag shares to the investors.
BTC and XEM contributions are restricted to angel investors and sophisticated investors, and the minimum contribution by any investor can be MYR6,400 (approx US$1,540 or 0.175 BTC). Investors are required to declare that they are not retail investors.
For more information, investors who wish to contribute crypto tokens or local fiat currency to the ECF campaign can visit invest.luxtag.io.
They are able to access a web app hosted by pitchIN to provide their personal details and form of identity as well as choose the number of shares they wish to contribute towards.
The required contribution amount of BTC or XEM appears in the next step, after which the web application guides contributors to transfer Ringgit, BTC or XEM into the respective trust account controlled by pitchIN. As of 3rd January 2020, the LuxTag ECF campaign has reached 96.73% of the minimum target amount. The sale ends on January 31, 2020.
LuxTag is an anti-counterfeit, track and trace, and anti-theft solution provider, utilizing the blockchain platform NEM. Luxtag uses NEM’s native tokens (XEM) to run its blockchain operations.
The blockchain-powered service evolves around digitized certificates of authenticity for tangible products, linking these to brands and owners through multi-signature smart contracts and the IoT (Internet of Things) elements.
Additionally, LuxTag technology provides business intelligence through innovative means of enhanced customer engagement. Its mission is to enable trust, honesty, and transparency through digitization and creation of digital certificates of authenticity leveraging on the unique property of LuxTag’s patented Blockchain solution.
It allows manufacturers to deter counterfeit and provide track & trace capability for their products. LuxTag works with numerous organizations such as Chronoswiss, a renowned Swiss luxury watchmaker, the International Islamic University of Malaysia for securing authenticity of graduation certificates, and Defeet International – a sports apparel brand based in the US.
In 2019, one of LuxTag’s accomplishments is establishing a strategic partnership with Dagang Net, an established Malaysian IT company, for larger-scale project ventures. LuxTag is one of the few projects in the blockchain space that is delivering business solutions to live production environments.
LuxTag’s market is the world. As such, it’s important to adopt a truly borderless option for contributing to the crowdfunding campaign. For more information on LuxTag, please visit www.luxtag.io.
pitchIN is Malaysia’s No. 1 equity crowdfunding platform. It is a Registered Market Operator with the Securities Commission. The platform has raised over MYR45 million for 42 companies to date, the highest among all ECF platforms in Malaysia.
More than 2500 investments have been placed into fast-growing Malaysian companies. pitchIN equity crowdfunding is open to both domestic and foreign investors. Positioned as long term investments, investors get shares in the companies they invest in.
Equity crowdfunding gives investors access to fast-growing companies at the stage when they offer the highest potential for future growth. To learn more about pitchIN, please visit www.equity.pitchin.my.
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