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Berlin based lender Bitbond has raised more than $1m on the first day of its German regulatory approved STO, with funds going to balance sheet capital to originate loans.
Funds raised in the STO go towards originating loans for Bitbond’s clients. Interest collected from the loans is paid quarterly to BB1 holders in the form of XLM tokens, which can quickly be converted into fiat currencies or stablecoins as soon as they have been issued. Bitbond already runs its global lending business on Stellar; it therefore made sense to run their offering on the same network.
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