pitchIN launches first token crowdfunding deal with BidNow

• BidNow token will be the main medium of exchange on the BidNow platform
• TCF raises capital via digital token issuance, offering flexibility, exit opportunities

PitchIN, Malaysia’s leading digital fundraising hub, announced the launch of its maiden deal for Token Crowdfunding (TCF), a US$2.13 million (RM10 million) primary offering of utility tokens by BidNow, an online auction platform. 

While this is not the first licensed tokenised offering in the country - the bragging rights for that go to Kapital DX Sdn Bhd (KLDX) which launched a US$32 million (RM150 million) tokenised primary offering of a shariah-compliant fixed income product by Integra Healthcare Technology Sdn Bhd in April - pitchIN  is claiming to have launched the first utility token in the country. 

Based on regulations in Malaysia, TCF is also referred to as an Initial Exchange Offering (IEO).

The BidNow token ($BID) will be the primary medium of exchange for all services within the BidNow platform. It can also be utilised for loyalty rewards, membership registration, and in the BidNow NFT Marketplace. Additionally, it offers privileges for its token holders beyond token utility, such as discounted fees and higher commission payouts.

Sam Shafie, the co-founder and CEO of pitchIN, said, “It truly is a historic moment for pitchIN. We are pioneering the digital asset fundraising and investment ecosystem in Malaysia, and this is an important milestone for us. We thank the Securities Commission of Malaysia for their leadership and guidance. PitchIN’s maiden TCF deal provides investors with the opportunity to invest in exciting digital investments through an approved avenue.”

He noted that there are not many other fully regulated TCF deals in Malaysia.

According to pitchIN, TCF is an innovative way for businesses to raise capital from the public through digital token issuance, offering more flexibility, brand exposure, and exit opportunities. TCF usually provides a combination of investment returns and exclusive access to the business’s future products and services.

TCF provides investors access to early-stage digital tokens through a regulatory-compliant platform with the chance to diversify their investment portfolios and enhance returns.

Nicholas Chong, the head of Token Crowdfunding at pitchIN said, “BidNow’s deal is the first of many to come. We do have a few more in the pipeline. Our team is working hard to ensure that the best interests of the businesses fundraising and the investors are being well taken care of. It is quite a complicated process, but with the help of the SC, it is highly likely that we will see more TCF deals listed in the coming months. Congratulations to the BidNow team on being the first deal on the pitchIN TCF platform.”

BidNow is now pre-live on pitchIN. For more information on the deal, please visit: www.pitchin.my/token