XSpring Digital rakes in B2.4bn from SIRIHUB

XSpring Digital Co has raised 2.4 billion baht from selling a total of 240 million Siri Hub Investment Digital Tokens (SIRIHUB), the country's first real estate-backed token, with over 6,000 subscriptions.

SIRIHUB will be listed on ERX, the digital asset exchange on Oct 12.

The offering of SIRIHUB was Thailand's first initial coin offering (ICO) of real estate-backed tokens under the Emergency Decree on the Digital Asset Businesses and the supervision of the Securities and Exchange Commission, according to Att Thongyai Asavanund, chief executive of XSpring Digital.

The ICO of SIRIHUB was accessible to all kinds of investors, from retail to ultra-high-net-worth investors, with a minimum investment of as little as 10 baht.

XSpring Digital is scheduled to announce the allocation results of the digital tokens soon after the subscription period, which ended on Oct 4.

He said investors can start trading the tokens on the secondary market on Oct 12 via the ERX application or https://erx.io.

Mr Att said that aside from being a leading ICO portal service provider for Thai businesses, XSpring Digital will continue striving towards new and exciting opportunities, including developing new products and seeking out new partners and channels for investors looking to build wealth.

The company is also moving forward with its plan to expand its digital assets businesses. It has applied for the licences for a digital asset broker and dealer that will allow XSpring Digital to provide a one-stop service to meet the growing demand from many businesses interested in raising funds via tokenisation.

These businesses are from many industries, including real estate, tourism, energy, and entertainment that are currently conducting feasibility studies on the issuance of digital tokens, and all ICO mechanisms.

With the great response from the public and investors for the SIRIHUB in Thailand and this new investment model that will make investment simpler and trading accessible 24/7, XSpring Digital is confident many more firms of different sizes and from different industries will be interested in offering their own tokens as they embrace this investment opportunity to raise funds without the budget required for a traditional IPO, said Mr Att.

"It's clear that ICO will soon become a popular option for fundraising and will transform the Thai investment market in the near future," said Mr Att.

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