This week, the anti-counterfeit platform, LuxTag successfully completed the first Malaysian equity crowdfunding campaign that accepts BTC and XEM . As such, this news marks an important milestone for LuxTag and the entire Malaysian blockchain sector. Additionally, it shows increased confidence from the country's regulators towards blockchain technology.
According to company documentation, the firm secured $360,000 in equity crowdfunding from participants. In total, there were 30 investors that took part in the event. These investors purchased an 11.11% equity stake in the firm moving forward. Notably, around 51% of the funds the company secured came from BTC and XEM investments.
In order to accomplish this monumental task, LuxTag needs to first seek approval from the Securities Commission of Malaysia (SC). Specifically, the firm needed to get the OK to accept BTC and XEM investments. Notably, LuxTag decided to host the event on the popular blockchain crowdfunding platform PitchIn.
Speaking on the success of the equity crowdfunding raise, Rene Bernard, CEO of LuxTag discussed what it took to make the concept a reality. He explained that his firm needed to provide solid solutions and value to gain investor confidence prior to the event. Additionally, Bernard took a moment to differentiate his team from the competition.
LuxTag is an anti-counterfeit, track and trace, and anti-theft solution provider that utilizes the NEM blockchain to provide protection to enterprise-level clientele. Importantly, the platform specializes in the tokenization of real-world assets including certificates of authenticity for tangible products.
LuxTag employs a unique strategy to provide all-inclusive protection to its clients. For example, the firm can link brands and owners through multi-signature smart contracts. This strategy provides unmatched efficiency and security. Also, the platform integrates the IoT (Internet of Things) to create even more usability and functionality.
Uniquely, LuxTag the platform utilizes NEM’s native tokens (XEM) to run its blockchain operations. Importantly, NEM's blockchain platform was coded from the ground up for scale and speed. Notably, the developers decided it was best to use a combination of XEM and NEM's next-generation blockchain engine SYMBOL to accomplish their goals.
LuxTag Strategic Partnerships
LuxTag recently made headlines after securing a strategic partnership with the Malaysian IT tech giant DagangNet. In addition to this maneuver, the company joined forces with a number of other well-known entities. These partnerships include the Swiss watchmaker Chronoswiss, the International Islamic University of Malaysia, and the US sportswear firm Defeet International.
Malaysia Needs Blockchain Professionals
Malaysia has long had its eyes on a more robust blockchain sector. So much so, that the demand for blockchain professionals in the region has become a point of concern. In a recent report, Mark Pui, an advisor at MW Partners Group Holdings Pte Ltd highlighted the huge shortage of blockchain professionals within the region. Importantly, the report concluded that the country needed to gain more talent if it's to ever develop the market to maturity.
Malaysia Market Matures
LuxTag's successful equity crowdfunding raise, specifically that LuxTag accepted BTC and XEM, opens the doors for future development in the Malaysian market. You can expect to see the country experience a boom in blockchain crowdfunding ventures now that regulators are more secure in their understanding of this amazing new technology. For now, congrats to LuxTag on a successful crowdfunding campaign and for pushing the boundaries of the Malaysian markets.