Germany's BaFin Approves First Bitcoin-based STO
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Germany's financial regulator Bafin has approved a security token offering (STO) of the EXO token conducted by Exordium for its blockchain game called Infinite Fleet. According to an announcement, the STO is based on the Liquid Network via Blockstream AMP. Thus, the German retail investors could legally buy EXO tokens via the STOKR platform, Exordium said.

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"This marks the first time BaFin has given its approval for an STO issued on a Bitcoin sidechain," the announcement says.

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To date, Exordium has attracted over $7.3 million through the sale of the token. The game developer particularly raised $3.1 million in its seed round and has reached a total of $4.2 million in the current $12 million round. The approval comes after Germany officially legalized institutional investors to put up to 20% of their assets in cryptocurrencies. Hence, Germany's Spezialfonds can invest up to €350 billion ($422 billion) in the cryptocurrency market.

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