Bitfinex to Tokenize Hotel Construction in El Salvador

Bitfinex Securities is set to issue tokenized debt for the construction of a Hampton by Hilton hotel complex at El Salvador’s international airport, according to The Block, citing a press release. 

The initiative is spearheaded by Inversiones Laguardia SA de CV. The token, to be launched on the Bitcoin sidechain Liquid Network under the ticker HILSV, will be available for purchase in US dollars or the stablecoin USDT.

“HILSV marks the first tokenization of digital assets in El Salvador and represents a significant step in the development of an emerging market, as well as the emergence of a new major asset class,” stated Paolo Ardoino, CTO of Bitfinex Securities. 

The primary objective of the project is to raise $6.25 million. HILSV is designed for a five-year term with a 10% interest rate. Investors who purchase the token will receive annual dividends and the principal amount at the end of the debt period. 

The instrument will launch on May 13, with a minimum entry amount of $1,000. 

The company also aims to create 1,000 jobs during the construction phase and up to 5,000 during its operation.

“The recently enacted digital asset laws will provide us access to capital markets that were previously unavailable. This will allow us to develop crucial infrastructure related to tourism, thereby unlocking growth potential for the sector,” said Roberto Laguardia, President of Inversiones Laguardia. 

Bitfinex Securities established itself in El Salvador in January, becoming the country’s first registered and licensed crypto service provider.

In 2021, the firm launched a platform for trading tokenized stocks in Kazakhstan.

Earlier this year, Nayib Bukele was re-elected as President of El Salvador. He pledged to continue his Bitcoin strategy. 

Subsequently, the head of state assessed the unrealized gains from investments in digital gold at 40% or $41.6 million. In March, Bukele revealed a Bitcoin address holding $400 million.