SIRIHUB to launch on XSpring
published : 21 Sep 2021 at 04:00
newspaper section: Business
XSpring Digital with SPV77 will debut Siri Hub Investment Digital Tokens (SIRIHUB), Thailand's first real estate-backed tokens, today on XSpring Digital's platform, with an aim to provide opportunities for investors at all levels to access high-value real-estate investments.
SIRIHUB is Thailand's first real estate-backed token under the supervision of the Securities and Exchange Commission (SEC).
The subscription will be available on the platform between Sept 21 and Oct 4.
The tokens are priced 10 baht each and expected to be traded on ERX Co, a local digital exchange, on Aug 12, said Att Tongyai Asavanund, chief executive of XSpring Digital.
The tokens, valued 2.4 billion baht, are subdivided into two tranches, comprising 160 million tokens worth 1.6 billion baht for SIRIHUB-A and 80 million tokens worth 800 million for SIRIHUB-B, according to a press release.
The holders of SIRIHUB-A and SIRIHUB-B will receive a quarterly revenue share of 4.5% and 8% per year, respectively.
However, tranche A token holders are prioritised over tranche B token holders in terms of redemption funds and voting rights.
Tranche A token holders are the first group of investors to receive redemptions and have voting rights to dispose of the project's assets, while tranche B holders have no voting rights.
Mr Att said the company expected the tokens will draw strong interest from investors with attractive return rates which are much higher than deposit interest rates.
Tokens in each tranche will be allocated to investors in accordance with the order of their payments.
Mr Att said XSpring Digital is also in the process of negotiating with more than 10 businesses which expressed interest in raising funds through initial coin offerings, covering the entire real estate sector, tourism, energy and entertainment industry.
In addition to being a portal for initial coin offerings, XSpring Digital is currently in the process of applying for a business licence to become a digital asset broker and digital asset dealer with the aim to become the platform with one-stop financial services in the next 3-5 years.