(BidNow), Nicholas Chong (pitchIN), Marcus Tan (Gambit), Chris Yong (BidNow), Datuk Clifford
Hii (Gambit), Steve Siew (BidNow), Jarvis Wong (BidNow), Kelvin Cheong (Gambit), Linus Loh
(BidNow), Frankie Goh (BidNow), Sam Shafie (pitchIN), Dato’ Seri Dr. Mohamed Azahari
Mohamed Kamil (BidNow)
pitchIN, Malaysia’s leading digital fundraising and investment hub, has launched its maiden deal for Token Crowdfunding (TCF), a RM10 million primary utility token offering by BidNow, an online auction platform. Token Crowdfunding is also referred to as Initial Exchange Offering (IEO) in the regulations of Malaysia.
The BidNow token ($BID) will be the primary medium of exchange for all services within the BidNow platform. It also can be utilised for loyalty rewards, membership registration and in the BidNow NFT Marketplace. It also offers exclusive privileges for its token holders beyond token utility such as discounted fees and higher commission payouts.
Sam Shafie, the co-founder CEO of pitchIN said, “It truly is a historic moment for pitchIN. We are pioneering the digital asset fundraising and investment ecosystem in Malaysia and this is an important milestone for us. Our utmost gratitude goes to the Securities Commission of Malaysia (SC) for their leadership and guidance.
“pitchIN’s maiden TCF deal provides investors with the opportunity to invest in exciting digital investments through an approved avenue. This is notable as we cannot really say there are a lot of other fully regulated deals either in Malaysia or around the world.”
TCF is an innovative way for businesses to raise capital from the public through digital token issuance. It offers more flexibility, brand exposure and exit opportunities. TCF usually offer a combination of investment returns and exclusive access to the business’ future products and services.
TCF provides access to investors to invest in early-stage digital tokens through a regulatory compliant platform. It offers investors the chance to diversify their investment portfolio and enhance their returns.
Nicholas Chong, the head of Token Crowdfunding (TCF) of pitchIN, said: “BidNow’s deal is the first of many to come. We do have a few more in the pipeline. Our team is working very hard to ensure that the best interests of the businesses who are fundraising and investors who invest in them are being well taken care of.
“It is quite a complicated process however, with the help of the SC, it is highly likely that we are going to be seeing more TCF deals being listed on TCF in the coming months. I take this opportunity to congratulate the BidNow team on being the first deal on pitchIN TCF platform”
BidNow is now pre-live on pitchIN. For more information on the deal, please visit www.pitchin.my/token.
