Malaysian LuxTag’s Equity Crowdfunding Campaign Now Open for Bitcoin and XEM from Worldwide Contributors
Top equity-crowdfunding platform PitchIn to facilitate raise for enterprise blockchain
solution for anti-counterfeiting and theft
CYBERJAYA (MALAYSIA), DECEMBER 1, 2019 — pitchIN, a Malaysian licensed equity crowdfunding operator has obtained approval from the Securities Commission of Malaysia to accept investments-in-kind made via the NEM token (XEM) and Bitcoin (BTC) crypto tokens for the LuxTag equity crowdfunding (ECF) campaign.
Sam Shafie, CEO of pitchIN said, “The acceptance of Bitcoin and XEM in addition to fiat currency Malaysian Ringgit forms an integral part of the LuxTag ECF campaign and we believe it will set a precedent for other ECF issuers that utilise crypto tokens in their businesses who wish to expand their reach to global contributors.”
In conjunction with the LuxTag ECF Campaign, pitchIN sought and obtained approval from the Securities Commission for the LuxTag ECF campaign to also accept crypto tokens XEM and BTC. The ECF campaign targets a maximum amount of Malaysian Ringgit (MYR) 2 million (approx. US$480,000). Contributions in Malaysian currency and crypto tokens in their MYR counter-value will be counted jointly.
Crypto tokens BTC and XEM are pledged as a non-monetary considerations-in-kind. pitchIN will consider the market value of the crypto tokens to assign the equivalent number of LuxTag shares to the investors.
BTC and XEM contributions are restricted to angel investors and sophisticated investors, and the minimum amount of contribution by any investor will be MYR6,400 (approx US$1,540 or 0.175 BTC). Investors will be 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 will be able to access a web app hosted by pitchIN to provide their personal details and identity document, as well as choose the number of shares they wish to contribute towards.
The required contribution amount of BTC or XEM will be shown in the next step, after which the web application will guide contributors to transfer Ringgit, BTC or XEM into the respective trust account controlled by pitchIN.
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.
The 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 few projects in the blockchain space that is delivering business solutions into 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.
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. Equity crowdfunding is open to both local 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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