- Campaign enables Bid Here’s growth into Singapore ,
- Success reflects growing trust in token-based fundraising
pitchIN’s and Malaysia’s first Token Crowdfunding (TCF ) campaign has surpassed its minimum target of US$ 1.1 million ( RM5 million ), reaching US$ 2.2 million ( RM10 million ) with 469 investors. This is the first public TCF campaign to succeed in accordance with the Securities Commission (SC )’s ( IOE ) guidelines.
Bid Now, a Registered Market Operator with the SC, ran this battle via pitchIN. BidNow is a Malaysian-based auction platform that enables its users to pay and bidding on different products, including home appliances, gadgets, extravagance items, and real property. Since 2019, the firm claims that over 20, 000 active customers and more than 8, 000 real estate brokers have signed up.
Frankie Goh, CEO of Bid Now, stated,” We are honoured to be the first successful public TCF campaign in Malaysia, surpassing our minimum target and reaching US$ 2.2 million ( RM10 million ). This success is a bible to the trust that our traders have in us.
]RM1 = US$ 0.218]
” We chose Metres because we think blockchain technology can transform everything, and this achievement represents a major step in our journey. With this support, we’re expanding our businesses into Singapore and may integrate bitcoin into our platform to enhance performance, accountability, and surveillance”, he added.
To run both the Equity Crowdfunding (ECF ) and TCF platforms, pitchIN is a digital fundraising and investment hub that is registered with the Securities Commission Malaysia.
Nicholas Chong, pitchIN’s Head of TCF, said,” Bid Now’s success in raising RM10 million from TCF within eight weeks signals demand and opportunities for regulated token offerings in Malaysia. As one of the few token launchpads in the world with entirely regulated regulations, pitchIN is well-positioned to help businesses and individuals connect with Web3 traders and fund raising.
He added that the company has two to three exciting deals in the pipeline, which it anticipates launching this year after the SC reviews them, for investors who did n’t receive the first TCF deal.
Sam Shafie, CEO of pitchIN, adds,” We hope that Bid Now’s success will pave the way for others to follow suit. We’re confident that we can help other businesses that want to consider TCF as a viable solution for their charity to power development for their businesses now that we have completed our first campaign.
This success not only provides a new standard for Malaysia’s fundraising business, but it also demonstrates the country’s growing confidence in token-based fundraising strategies. It is a bible to the economy’s readiness to embrace modern monetary systems. PitchIN predicts that as more companies start to discover blockchain and tokenization, the landscape of capital increasing may continue to change, providing a variety of opportunities for both investors and entrepreneurs.
For more information, please explore pitchin. my/token ,