Germany joins the band of France, Spain, Portugal, and Luxembourg in approving the bitcoin-based token. German financial regulators approved the security token offering (STO) based on a Bitcoin sidechain.
The token, by game publisher Exordium, will be available in Stokr, a digital marketplace. Local retail investors can participate in the sale. German investors can invest in the marketplace with a minimum amount of $100. EXOeu is the second European STO after BaFin to be approved by the German market.
The EXOeu token
The security token was launched in January 2021, and it aims to raise funds for developing Infite Fleet, a Samson MMow sci-fi MMo game. Investors from other countries such as Spain, Portugal, Luxembourg, and France have raised more than $7 million.
Unlike other STOs based on the blockchain, the EXOeu token is different as it will be based on the Blockstream Amp. That is a platform built on the Liquid sidechain of blockchain and tokenizes securities.
Currently, crypto payments are following a different trend, whereby they are done via two-layer technologies. This is according to Stokr co-founder Arnab Naskar. He added that it is the thing that will throw Ethereum off-balance since it is expensive and there are issues with the Ethereum 2.0.
According to another Stokr co-founder Tobias Seidl, the move by BaFin to approve Exordium’s STO is a significant milestone for the cross-border blockchain-based STOs.
STOs are a current trend that will be hard to stop. Bitfinex has not been left behind either as it announced its upcoming STO trading platform with the collaboration of Exordium trading.