The primary offering for ALT2611, a tokenized bond issued on Liquid, is now live on the Bitfinex Securities platform.
Mikro Kapital, a leader in the microfinancing space, has issued the bond through their Luxembourg-based securitization fund, Alternative, and plans to raise 10M USDT. The bonds will bear a 10% coupon (paid out quarterly) with a 36-month duration and a minimum ticket size of 125,000 USDT. Both the capital raise and coupon payments will be facilitated through Tether USDT.
Once the primary offering is complete, it will be possible to trade ALT2611 on secondary markets and peer-to-peer in smaller denominations of 100 USDT for more dynamic liquidity and trading. Initially, Bitfinex Securities will be the first to offer it, followed by other Liquid securities platforms in the near future.
The bond will be used to acquire debt and equity risks of microfinancing companies, banks, and other financial institutions that offer financing services to micro, small, and medium-sized enterprises and entrepreneurs across Europe, Central Asia, and emerging countries along the historical Silk Road.
For further information about ALT2611, you can read the official listing and supporting documents on Bitfinex Securities, and view the AMA between Jesse Knutson and Mikro Kapital’s Michele Mattioda below.
A Closer Look at Bitfinex Securities and Mikro Kapital
Bitfinex Securities is a subsidiary of Bitfinex that focuses on security token offerings (STOs). It is licensed and regulated in both the Astana International Financial Center (a financial hub in Central Asia) and in El Salvador, and was the first securities platform to receive a digital asset service provider license under El Salvadors' new Digital Assets Issuance Law. In addition to the ALT2611 bond, it offers the Blockstream Mining Note, a tokenized Bitcoin hashrate contract that gives investors access to 2,000 TH/s over a 36-month term.
Mikro Kapital has a highly diversified lending book of 300,000 borrowers across 14 countries that is worth approximately EUR 1.35 billion in aggregate. More than 40% of borrowers are women who are entrepreneurs in local, rural communities, mainly in service businesses and agricultural businesses. Historically, Mikro Kapital has issued over EUR 2 billion equivalent in bonds in the conventional bond market since 2008, all of which have been fully repaid.
Reforming Capital Markets with the Liquid Network
Liquid is likened by many to Bitcoin's financial layer, bridging the gap between conventional finance and the technology pioneered by Bitcoin, giving asset issuers a compliant and secure platform to build on. It boasts finance-friendly features such as fast, confidential transactions, digital asset issuance, and, when required, tools like the Blockstream Asset Management Platform (Blockstream AMP) for easy asset programmability.
Tokenizing real-world assets, like ALT2611 and other corporate bonds, on Liquid gives companies global access to liquidity and cost savings by removing unnecessary third parties, making the entire capital-raising process more efficient and accessible for both issuers and investors.
We recommend reading Prince Filip's piece and Jeff Boortz's recent op-ed for a more comprehensive look at how Liquid transforms the outdated finance sector by building on the most secure and battle-tested codebase in blockchain—Bitcoin.
Investor Next Steps
Earlier this month, Bitfinex Securities announced a plan allowing investors assessed as professionals to participate in secondary market trading with no minimum size restriction. This provides a path for investors with appropriate trading and investment experience to join in offerings that may have previously been inaccessible.
Additionally, if you or the business you represent are interested in asset issuance or learning how to integrate Liquid into your business model, email our team at email@example.com.