Bitfinex to reimburse investors for unsuccessful El Salvador Hilton hotel venture

Bitfinex Securities, a digital asset platform, has announced that it will be refunding investors of its Hilton hotel project at El Salvador’s international airport. The project, which was the first public offering of digital debt assets in the country, fell far short of its funding target, only managing to raise $342,000 out of the $6.25 million goal. As a result, Bitfinex will be refunding all investors, as stated in the Relevant Information Document. However, the company expects the issuer, Inversiones Laguardia S.A. de C.V., to restructure the offer before taking any immediate action. Bitfinex has temporarily removed the public offering from its website. The funds raised were intended to finance the construction of the Hampton by Hilton hotel, which would have included 80 rooms, a restaurant, working area, swimming pool, gym, and garden. Investors had the opportunity to purchase the “HILSV” token on the Bitcoin layer 2 Liquid Network for a minimum investment of $1,000. In return, they would have received a 10% coupon over a 5-year period. This project represented an expansion for Bitfinex in El Salvador’s real-world asset tokenization space, following the granting of a digital asset service provider license in April 2023. The company’s expansion was seen as a significant step in offering the local population a new way to access financial markets. Additionally, El Salvador is aiming to establish investment banks that provide Bitcoiners with financial services and fewer restrictions compared to traditional banks.