The German financial regulator has approved Bitcoin-based (Bitcoin) Side chain.
The German Federal Financial Supervisory Authority (BaFin) approved the EXOeu token of game publisher Exordium, enabling local retail investors to be eligible to participate in the sale of Stokr, a major digital market in Europe.
German investors can invest in EXOeu through Stokr, with a minimum investment of $100. EXOeu is the second STO approved in the German market on Stokr BaFin approved STO Last year it was provided by the parking network ParkinGO.
Launched in January 2021, The EXOeu security token is raising funds for the development of Samson Mow’s sci-fi MMO game Infinite Fleet. The issuance is available to investors in other European countries such as France, Luxembourg, Spain, Portugal, etc., and has so far raised more than 7 million U.S. dollars.
Although many STOs are based on the Ethereum blockchain, EXOeu tokens are issued through Blockstream Amp, which is a security tokenization platform Built on the Liquid sidechain of Bitcoin.
Arnab Naskar, co-founder of Stokr, said: “Bitcoin is shaping payments, and now is the time to shape the capital market-this can be done through the second layer of technology,” he added, due to high gas, Ethereum as an STO platform “Lost Charm” fees and the uncertainty of Ethereum 2.0.
Stokr co-founder Tobias Seidl stated that BaFin’s approval of Exordium’s STO marks a new milestone in cross-border blockchain STO. “We see Bitcoin as the basic pillar of the future capital market, and it will be built on the blockchain,” he said.
The news came shortly after the major cryptocurrency exchange Bitfinex announced last week that it would launch its own STO trading platform to trade with Exordium (EXO).