By: Eliza Bennet
Bitfinex Securities, an establishment focused on tokenized real-world assets, introduced its inaugural tokenized bond coined ALT2611 Tokenized Bond in October. It has managed to assemble only 15% of the $10 million target that was set for two weeks after the launch. Tokenized bonds, such as ALT2611, are known for their benefits over traditional bonds, including liquidity, accessibility, security, transparency, and 24/7 trading. Yet, the traction garnered hasn’t been as expected.
However, Bitfinex's parent company Tether's chief technology officer Paolo Ardoino touted it as a 'new era for capital raises.' Notably, ALT2611 isn't open to American citizens or people present in the U.S.
Meanwhile, Genesis, a bankrupt crypto lender, and its parent company, Digital Currency Group (DCG), have proposed a settlement that could dismiss a continuing lawsuit to claw back $620 million in repayments from DCG. According to documents submitted to a New York Bankruptcy Court, DCG agreed to repay its standing $324.5 million in loans by April of the coming year, allowing Genesis to pursue any unpaid amounts.
The agreement will exist as part of Genesis' initiative to repay creditors, who will vote on the plan before it is forwarded to bankruptcy judge Sean Lean for a decision.
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