pitchIN, a Malaysian licensed equity crowdfunding operator, currently holding an equity crowdfunding for blockchain-powered anti-counterfeit solution LuxTag, announced the campaign has secured 50% of the minimum target.
“LuxTag is running a truly global equity crowdfuding (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.”
– Sam Shafie, CEO of pitchIN
As reported last week, along with LuxTag, pitchIN sought and obtained approval from the Securities Commission Malaysia 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. USD $480,000) with a minimum of MYR 800K. 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 is set to MYR 6,400 (approx US$1,540 or 0.175 BTC). Investors are required to declare that they are not retail investors.