El Salvador's Bitcoin Funded Hilton Hotel Nears Completion; Ethereum Whale Wallet Reactivated
Summary:
The Hampton by Hilton hotel in El Salvador, fully funded through Bitcoin tokenization, is expected to be completed in 10 months. The Ethereum Foundation-linked whale wallet has ended its eight-year-long inactivity by transferring 2,000 Ether, roughly $6.6 million. BlackRock's Bitcoin ETF had its third day in a row without flows, leading to speculation about decreasing interest in Bitcoin investments. Immutable X has launched a $50 million rewards program for gamers. Finally, prosecutors in Taiwan are seeking long-term imprisonment for main suspects in a fraudulent case involving cryptocurrency trading platform, Ace Exchange.
In just 10 months, El Salvador is expected to finish constructing the 4,500-square-foot Hampton by Hilton hotel, financed fully through Bitcoin tokenization. The project, scheduled to be fully operational by July 2025, is being led by Inverlag's CEO, Roberto Laguardia, who detailed the timeline on an AMA session with Jesse Knutson from Bitfinex Securities.
The transaction, facilitated by the country's sole licensed digital asset provider, Bitfinex Securities, will be performed on the Bitcoin layer-2 Liquid Network. Investors are required to provide a baseline investment of $1,000 to attain the token, labeled HILSV. The project's debt will be issued by Inversiones Laguardia with the aim of raising $6.25 million. The backers will receive a 10% coupon over a five-year term.
The hotel will be located at El Salvador's international airport and will contain five floors, 80 rooms, five commercial spaces, and other top-notch facilities like a swimming pool, restaurants, a gym, gardens, and multipurpose rooms.
Laguardia is optimistic about potential room occupancy rates, considering the nearest hotel to the airport currently has a 95% occupancy. The Bitcoin-based crowdfunding solution turned out to be the perfect path for obtaining sufficient capital after numerous hurdles.
An Ethereum whale wallet, believed to be connected to the Ethereum Foundation, recently ended its eight-year-long rest and transferred 2,000 Ether (ETH), worth about $6.6 million, to a new address. As of its most recent transaction, the wallet had seen on-paper gains of 369,344%.
BlackRock's Bitcoin ETF reported its third consecutive day with no flows on April 26, which stirred speculation about a declining interest in Bitcoin investments.
Immutable, the company behind the GameFi-dedicated Ethereum layer-2 scaling solution Immutable X, just launched its rewards program "The Main Quest." The program will provide gamers with about $50 million in token rewards.
In other news, OpenAI, co-founded by Sam Altman, might be collaborating with Worldcoin, Altman's other co-founded firm known for its cryptocurrency-assisted universal basic income and identity verification. In Taiwan, prosecutors are seeking 20-year sentences for the major suspects in a $24.5 million fraudulent case related to the cryptocurrency trading platform, Ace Exchange. Over 1,200 individuals were reportedly defrauded.
Published At
4/29/2024 8:11:48 AM
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