Germany-based SME lending platform, Bitbond announced Thursday that it has successfully activated trading functionality for BB1, the security token that they issued to investors in a recently completed STO.
The company tweeted the message below to their followers regarding the Stellar blockchain-based token,
“It is a historical moment as Germany’s first EU compliant Security Token Offering has become trade-able.”
Purportedly, the activation of the new feature will make it possible for holders of the tokens to transfer it to others who are interested in owning the bond-like security token.
At the time of writing, the total number of trades in BB1 was 28, with the overall traded volume of standing at $603. Without a doubt, those figures tell the story of the early days while at the same time signaling the first steps for the blockchain-based tokenization industry.
Bitbond used BB1, the token under consideration, to raise $2.3 million (€2.1 million) in a security token offering that lasted between March and early July this year. The startup’s token sale was approved by the German Federal Financial Supervisory Authority (BaFin), and reportedly opened the way for other companies to embrace fundraising via security tokenization.
Following BaFin’s approval for Bitbond’s STO, two other startups have obtained regulatory consent to sell security tokens in Germany.
First, it was StartMark a fund-like offering that allows diversified investment in early-stage firms, and then Fundament Group, a startup tokenizing real estate properties in prestigious cities in Germany.
Earlier this week, Stmarket.co reported that BaFin authorized Fundament to issue a tokenized real-estate backed bond worth 250 million euros ($280 million).
German crypto firms will also from next year require a BaFin license to carrying out their operations, in line with new anti-money laundering (AML) rules.