Yahya 
State regulated global digital asset trading platform, Bitfinex Securities, said that it will return its investors’ capital arising from its project to develop a Hilton hotel at El Salvador’s international airport as it did not achieve the $500,000 minimum funding for its continuation.
Funding Shortfall and Future Plans
The project, which was the first IPO digital debt because of El Salvador, was able to attract the attention of investors to collect only $342000 by the first deadline before the $6,25 million goal. “Bitfinex is to be refunding all investors as stated in the Relevant Information Document” a senior official at Bitfinex further said. But, to the refunds they claimed that they are not acting at the same time yet. “We are expecting the issuer to restructure the offer” the spokesperson further said but the particular issuer; Inversiones Laguardia S.A. de C.V. has not outlined its next move. Currently, Bitfinex has taken the public offering down from its website menu.
Project Details and El Salvador’s Expansion into Digital Assets
The funds were expected to complete the construction of the Hampton by Hilton hotel, which would occupy 4,500 square meters and have five floors with 80 rooms, a restaurant, working space, a swimming pool, a gym, and a garden. Individual investors were asked to pitch at least $1000 to buy the “HILSV” token at the Bitcoin layer 2 Liquid Network in exchange for a 10% coupon over five years.
Meanwhile in April 2023, El Salvador, which has made headlines for its investment and adoption of Bitcoin and adopting of Bitcoin investment and using it as legal tender also ventured into the real – word asset tokenization space when it issued Bitfinex with a digital asset service provider license. When Hilton hotel was announced, Bitcoin commentator Stacy Herbert pointed to this expansion as the start of a new era of capital markets on Bitcoin in El Salvador which would provide the local populace with new windows to the world’s financial markets.
At the same time, El Salvador dreams of creating the investment banks that will grant the holders of bitcoin equal or even fewer accesses to other financial services than usual banks.
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