Equity crowdfunding (ECF) startup pitchIN is now accepting Bitcoin (BTC) and NEM (XEM) tokens for fundraising campaigns on its platform.
Its first cryptocurrency partner is LuxTag, a blockchain-based authentication service that is believed to be the first patented blockchain project in Malaysia. pitchIN has obtained approval from the Securities Commission of Malaysia to accept investment-in-kind for the LuxTag fundraising campaign.
pitchIN is a crowdfunding platform based in Malaysia allowing anyone to invest in early-stage and unlisted startups in exchange for equity in the company. Founded in 2012, the venture has become the most successful rewards crowdfunding platform in South East Asia. Among its successful crowdfunding projects are the first ever Indie festival in Penang – TAPAUfest, on-demand movies Movie GoGo project, the pitchIN-MaGIC Challenge – MDeC’s social project to assist the flood victims in East Malaysia, TeeSomethingNice – the tee-shirt project in celebration of Hari Malaysia.
pitchIN chief executive officer Sam Shafie said of the announcement, “We believe it will set a precedent for other ECF issuers that utilize crypto tokens in their businesses who wish to expand their reach to global contributors.”
LuxTag is also a Malaysian startup. They use blockchain to issue tamper-proof certificates of authenticity and ownership for luxury items like handbags and watches to help fight counterfeiting.
Commenting on the move, LuxTag CEO Rene Bernard said in a Facebook note that while ECF guidelines already allow companies to source funds globally, crypto tokens make it easier to wire the investments.
For the LuxTag campaign, investors must contribute a minimum of RM6,400 in crypto tokens and declare that they are not retail investors. Also, only angel investors and individuals with total personal assets exceeding RM3mil will be allowed to make contributions in Bitcoin and NEM tokens.
LuxTag aims to raise a minimum of RM800,000 for a 4.76% equity in the company, with a total value at RM16.8mil.
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