pitchIN successfuly closed its first RM10 mil token crowdfunding campaign with BidNow

pitchIN, one of the approved Initial Exchange Offering platforms by the Securities Commission of Malaysia has successfully concluded its first token crowdfunding campaign with BidNow

pitchIN, an Initial Exchange Offering (“IEO”) platform by the Securities Commission of Malaysia(“SC”) has concluded its first token crowdfunding on its pitchIN platform.

The issuer, BidNow is an online bidding platform that facilitates auctions from home applicances to properties. It was said that BidNow’s initial RM5 mil target doubled to RM10 mil prior to the campaign closing.

Based on the discussions we’ve had with the pitchIN’s representatives recently, the SC’s team is actively involved in the entire tokenisation process from the pre-approving and assessment of the potential issuers. This is perhaps to ensure that the SC’s regulations are satisfied during the initial launch phase.

To date, the SC has registered two Initial Exchange Offering (IEO) platform namely pitchIN and KLDX. Note that pitchIN is also regulated by the SC to host equity crowdfunding campaigns.

With more awareness and clarity, we may likely foresee token crowdfunding being considered as another attractive alternative fundraising option not just for startups but even brick and mortar companies.

• Read the article: FintechNews

Disclaimer: I invested in BidNow.

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