[{"data":1,"prerenderedAt":127},["ShallowReactive",2],{"/blog/pitchin-first-token-crowdfunding-bidnow-2024":3},{"id":4,"title":5,"author":6,"authorPic":7,"body":8,"category":116,"coverPics":18,"date":117,"description":118,"extension":119,"meta":120,"navigation":121,"path":122,"seo":123,"stem":124,"type":125,"__hash__":126},"blogs/blog/pitchin-first-token-crowdfunding-bidnow-2024.md","Malaysia's first token crowdfunding closes: BidNow raises RM10 million on pitchIN","Malaysia Blockchain Association Team","https://api.dicebear.com/7.x/avataaars/svg?seed=mba-team-3",{"type":9,"value":10,"toc":107},"minimark",[11,19,22,45,50,57,61,72,75,80],[12,13,14],"p",{},[15,16],"img",{"alt":17,"src":18},"Raising with tokens","/img/blog/gen/pitchin-first-token-crowdfunding-bidnow-2024.svg",[12,20,21],{},"Four years after the SC wrote the rules, a Malaysian company has completed a public token raise under them.",[12,23,24,28,29,32,33,36,37,40,41,44],{},[25,26,27],"strong",{},"BidNow",", a local auction platform, has closed Malaysia's first ",[25,30,31],{},"Token Crowdfunding (TCF)"," campaign on ",[25,34,35],{},"pitchIN",", raising the full ",[25,38,39],{},"RM10 million"," target from ",[25,42,43],{},"469 investors"," in roughly eight weeks after passing its RM5 million minimum. The campaign, launched in mid-July, is the country's first public token offering under the SC's IEO guidelines.",[46,47,49],"h2",{"id":48},"the-token","The token",[12,51,52,53,56],{},"BidNow's ",[25,54,55],{},"$BID"," is a utility token used for loyalty rewards, membership, NFT marketplace transactions and fee discounts on its platform — a deliberately practical first test of the framework, tied to a working consumer business.",[46,58,60],{"id":59},"why-this-is-a-landmark","Why this is a landmark",[12,62,63,64,67,68,71],{},"pitchIN proved Malaysian retail investors would fund startups through regulated equity crowdfunding; today it proved the same for tokens. CEO ",[25,65,66],{},"Sam Shafie"," and Head of TCF ",[25,69,70],{},"Nicholas Chong"," have flagged two to three further token deals in the pipeline pending regulatory review — and pitchIN's October partnership with newly licensed exchange Hata points at the endgame: primary raises that graduate to secondary trading on a regulated DAX.",[12,73,74],{},"Fundraising with tokens in Malaysia is no longer theoretical. It has a completed deal, a cap table of 469 believers, and a pipeline.",[76,77,79],"h3",{"id":78},"references","References",[81,82,83,93,100],"ul",{},[84,85,86],"li",{},[87,88,92],"a",{"href":89,"rel":90},"https://fintechnews.my/45312/crowdfunding-malaysia/pitchin-launches-inaugural-rm10-million-token-crowdfunding-deal-with-bidnow/",[91],"nofollow","Fintech News Malaysia — \"pitchIN launches inaugural RM10 million token crowdfunding deal with BidNow\" (15 Jul 2024)",[84,94,95],{},[87,96,99],{"href":97,"rel":98},"https://fintechnews.my/45927/crowdfunding-malaysia/malaysias-first-token-crowdfunding-pitchin/",[91],"Fintech News Malaysia — \"Malaysia's first token crowdfunding completed\" (22 Aug 2024)",[84,101,102],{},[87,103,106],{"href":104,"rel":105},"https://www.digitalnewsasia.com/business/bidnow-raises-us22-million-malaysias-first-token-crowdfunding-campaign",[91],"Digital News Asia — \"BidNow raises US$2.2 million in Malaysia's first token crowdfunding campaign\" (2024)",{"title":108,"searchDepth":109,"depth":109,"links":110},"",2,[111,112],{"id":48,"depth":109,"text":49},{"id":59,"depth":109,"text":60,"children":113},[114],{"id":78,"depth":115,"text":79},3,"News","2024-08-22","Auction platform BidNow's $BID utility token offering hits its full RM10 million target from 469 investors in about eight weeks — Malaysia's first completed public token offering under the SC's IEO rules.","md",{},true,"/blog/pitchin-first-token-crowdfunding-bidnow-2024",{"title":5,"description":118},"blog/pitchin-first-token-crowdfunding-bidnow-2024","blog","Axhg09RuMUoYxmfLSKEAeP-KpFNi4glV6TPHsP2mQQs",1784183599789]