Kubix Successfully Closes Its First ICO Project
Kubix has announced the success of DESTINY TOKEN from the movie “Love Destiny the Movie” after Special Destiny Co., Ltd. made an early redemption and paid capital with returns to token investors in full on 1 March 2023.
Kubix also announced plans to launch new projects this year and expressed confidence that the digital token market, particularly investment token, in Thailand has high potential to grow, being a fundraising channel which presents new investment opportunities and various forms of returns – fit for investors of the digital era.
Ms. Apinya Ruangthaveekoon, Managing Director, Kubix Digital Asset Co.,Ltd. (Kubix) said “DESTINY TOKEN is Thailand’s first project-based investment token, distributed to raise funds for the production of ‘Love Destiny The Movie.’ A total of 16,087 tokens worth 256 million baht were sold with returns to investors in the forms of interests and exclusive benefits related to the movie. The token’s sale was closed in June 2022 with the movie’s national gross standing at 392.73 million baht, according to the Thailand Box Office website.
Special Destiny Co., Ltd. has exercised the right to early redemption and paid investment capital with returns to token holders at the rate of 2.99% per year of the investment value on 1 March 2023, calculated from the duration of the project of 246 days. The money was transferred to token holder’s bank accounts registered with Kubix, marking the success of the project.
DESTINY TOKEN is the pilot project of fundraising through digital tokens with Kubix. As an ICO portal, Kubix worked with Special Destiny to design innovative and easy-to-understand investment products to create new experiences for investors. In other countries, it is estimated that the tokenized asset market worldwide will grow and reach as high as 10% of the global GDP or 16.1 trillion USD. As a result, many leading investment companies and institutions are paying their attention to and starting to invest in tokenized assets in many industries. Many countries have already classified investment token as an investment asset similar to those in the existing financial market such as stocks, bonds, and REIT. Many institutions consider investment token to be the future of the investment market.
The tokenized asset market in Thailand is still young with a lot of room for expansion. In terms of laws and regulations, the Securities and Exchange Commission are considering whether to classify investment token as a product under the Securities and Exchange Act like in other countries for the benefits of both investors and token issuers, especially by having a tax regulation comparable to securities. This year, Kubix has planned to launch new ICO projects, and so far it has provided consultations to interested companies from various industries. Kubix has also expressed readiness to collaborate with partners and investment institutions in Thailand and abroad to promote growth of the Thai digital token market.
Kubix is committed to educate investors about digital token investment through online channels and activities to be organized with its partners under the concept of “Invest Earn Experience.” Get updates and find out more about digital token on www.kubix.co or www.facebook.com/Kubix.DigitalAsset
