Malaysian LuxTag’s Equity-Crowdfunding Campaign Now Open for Bitcoin and XEM From Worldwide Contributors
3rd of December 2019, Cyberjaya (Malaysia). LuxTag is currently raising a pre-series A funding through pitchIN, the leading Malaysian equity crowdfunding platform that is fully licensed by the Securities Commission of Malaysia. The funding round with a minimum target amount of MYR 800 thousand to a maximum of MYR 2 million is now pre-live to investors since early September. Within weeks, we have already secured one-third of the minimum target.
“First and foremost, Bitcoin is a prominent project using blockchain tech, however blockchain is more than Bitcoin,” says Rene Bernard (CEO of LuxTag). “We are delighted that LuxTag provides real added value and practical solutions to businesses. LuxTag’s blockchain-enhanced technology powers an effective anti-counterfeit measure and gives brand owners a competitive advantage. Our technology allows consumers to trace the origins of the products and engage with the products & manufacturers swiftly through apps. We are looking to secure more than MYR 4 million of business by 2020, as manufacturers, brand owners, and industries are subscribing with us.”
Rene Bernard, CEO of LuxTag
LuxTag expects to reach its target amount within the 30-60 days campaign when it goes fully live with its fundraising campaign. Interested local and international investors are cordially invited to participate in investing.
PitchIN, a Malaysian licensed equity crowdfunding operator, has obtained approval from the Securities Commission of Malaysia to accept considerations in crypto tokens for the LuxTag ECF campaign.
LuxTag is still considered a young, blockchain-enabled business solutions provider based in Malaysia. We are launching our crypto-equity-crowdfunding campaign through pitchIN, whereby this is notably not an ICO (Initial Coin Offering) nor an STO (Security Token Offering). Leveraging on the existing crowdfunding framework, contributors will obtain a shareholding agreement and receive registered company equity shares.
The acceptance of Bitcoin and XEM besides Malaysian Ringgit is not only an essential step for LuxTag and pitchIN but we expect it to set a precedent for other local crowdfunding equity issuers wishing to expand towards global contributor outreach.
In conjunction with the LuxTag Equity Crowdfunding Campaign, pitchIN sought and obtained approval from the Securities Commission for our ECF campaign to also accept crypto tokens XEM (NEM) and BTC (Bitcoin). The equity crowdfunding targets a maximum amount of MYR 2 million (approx. US$480,000), whereby contributions in Malaysian currency and crypto tokens in their MYR counter-value are counted jointly.
Crypto tokens Bitcoin and XEM are pledged as a non-monetary considerations-in-kind. PitchIN will consider the market value of the Crypto tokens to assign the equivalent number of LuxTag shares to the investors. Bitcoin and XEM contributions are restricted to sophisticated and angel investors. To further enforce this requirement, the minimum amount of contribution by any investor will be MYR 6,400 (approx US$1,540 or 0.175 BTC), and investors need to declare that they are not retail investors.
Investors who wish to contribute crypto tokens or Malaysian Ringgit into the equity crowdfunding campaign can head to invest.luxtag.io for instructions. They will then be able to access a web app hosted by pitchIN to provide their details and ID document, and then choose the number of shares they wish to contribute towards. The required contribution amount of BTC or XEM will be shown in the next step. The web application will then guide contributors to transfer Ringgit, Bitcoin or XEM into the respective trust account controlled by pitchIN.
LuxTag is an anti-counterfeit, track and trace, and anti-theft solution provider, utilizing the blockchain platform NEM. Luxtag uses NEM’s native tokens (XEM) to run its blockchain operations. The blockchain-powered service evolves around digitized certiﬁcates of authenticity for tangible products, linking these to brands and owners through multi-signature smart contracts and the IoT (Internet of Things) elements. Additionally, LuxTag technology provides business intelligence through innovative means of enhanced customer engagement.
The LuxTag mobile application
The mission is to enable trust, honesty, and transparency through digitization and creation of digital certificates of authenticity leveraging on unique properties of LuxTag’s patented Blockchain solution. It allows manufacturers to deter counterfeit and provide track & trace capability for their products. LuxTag works with numerous organizations such as Chronoswiss, a renowned Swiss luxury watchmaker, the International Islamic University of Malaysia for securing authenticity of graduation certificates, and Defeet International – a sports apparel brand based in the US. In 2019. One of LuxTag’s accomplishments is establishing a strategic partnership with Dagang Net, an established Malaysian IT company, for larger-scale project ventures.
LuxTag is one of the few projects in the blockchain space that is delivering business solutions to live production environments. LuxTag’s market is the world. As such, it’s important to adopt a truly borderless option for contributing to the crowdfunding campaign.
The LuxTag team
For more information on LuxTag, please visit www.luxtag.io.
To contribute crypto tokens or Malaysian Ringgit into the equity crowdfunding campaign can head to invest.luxtag.io
For media-related inquiries, please contact Sami at [email protected].
PitchIN is Malaysia’s No. 1 equity crowdfunding platform. It is a Registered Market Operator with the Securities Commission. The platform has raised over MYR 40 million for 35 companies to date, the highest among all ECF platforms in Malaysia. More than 2000 investments have been placed into fast-growing Malaysian companies.
Equity crowdfunding is open to both local and foreign investors. Positioned as long term investments, investors get shares in the companies they invest in. Equity crowdfunding gives investors access to fast-growing companies at the stage when they offer the highest potential for future growth. To learn more about pitchIN, please visit www.equity.pitchin.my.
For media inquiries, please contact Kashminder Singh at [email protected].
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