HONG KONG, July 14, 2023 – (ACN Newswire) – In line with China’s 14th Five-Year Plan, which supports Hong Kong’s development as an international innovation and technology hub, the Government of the Hong Kong Special Administrative Region has successively introduced a number of measures to promote the healthy development of Web 3, blockchain assets and smart city initiatives – driving market demand for digital ownership verification.
(Photo caption) Dr. Herbert Lee, Founder and Chairman of Xtreme Business Enterprises Limited (XBE) (fifth from left), Group Chief Executive Officer of XBE, Mr Julian So (fourth from right), Ir. Tony WONG, JP, Government Chief Information Officer (sixth from left) and other officiating guests celebrate the launch of the world’s first Digital Ownership Token (DOT) Standard 3+2 Security Token Offering (STO).
(Photo caption) Group Chief Executive Officer of XBE, Mr Julian So (right) and Managing Director of Prosynergy, Ex-SFC regulator, Mr. Louie Lee (left) share insights about the potential, the market trend as well as the future development of the DOT Standard STO.
As one of the leaders in this industry, Xtreme Business Enterprises Limited (“XBE”) today announced the launch of the world’s first Digital Ownership Token (DOT) Standard 3+2 Security Token Offering (STO). Based on its pioneering DOT technology, XBE’s STO will help drive the future development of Web 5 (centralised Web 2 + decentralized Web 3) and blockchain assets. Unlike other digital tokens, XBE’s pioneering DOT uses blockchain technology to record legal documents and smart contracts – providing authentication and legally enforceable ownership over real tangible and/or intangible assets. DOTs can be applied across many different assets and industries, including intellectual property, real estate and memberships.
DOT Standard 3+2 STO provides greater certainty, efficiency and security
DOT Standard 3+2 STO uses the DOT standard to record bond documents and corresponding smart contracts into the Bond Security Token. As such, the token itself becomes the security – allowing token holders to directly hold and control their own assets, while enhancing the certainty, security, efficiency and transparency of security tokens. DOT also eliminates the need for a third-party custodian to hold onto the underlying asset, mitigating risks associated with traditional securities custody.
XBE leverages DOT standard STO to provide a more advanced, efficient, secure and cost-effective alternative to bond offerings. In addition to using the DOT standard, 3+2 STO also includes three professional audits (i.e. Security Token, Legal and Regulatory Audits) and two opinions (i.e. Legal and Regulatory Opinions) to provide greater certainty and security. DOT Standard 3+2 STO fully implements and adopts blockchain and smart contract technologies. The clear record of bond ownership effectively protects the interests of investors, providing a more secure, efficient, transparent and innovative bond offering approach for the capital markets.
XBE’s pioneering DOT technology leads bond market innovation
XBE’s proprietary technology, the world’s first DOT Standard 3+2 STO, is already gaining customer recognition and support. XBE’s partner, China Information Technology Development Limited (“China Information Technology” or “CITD”, HKEx stock code: 8178) will issue bonds with an aggregate principal amount of up to HK$100 million, documented using blockchain technology in place of other documentation tools and implemented using the DOT standard. This technology provides greater efficiency, security and transparency for bond holders. Reducing the risks associated with traditional securities custody, DOT standard STOs are expected to become widely adopted in the future, eventually replacing other form of documentation. Hong Kong is taking the lead in the development of Web 5 applications, helping corporations enhance their brand image and unlock new business opportunities, creating a win-win situation.
Dr. Herbert Lee, Founder and Chairman of Xtreme Business Enterprises Limited (XBE) said, “XBE is committed to promoting the development of Web 2 + Web 3, blockchain assets and smart city initiatives, synchronising the future development of Mainland China and Hong Kong. We are delighted to be using the DOT standard for STOs, which proves that the DOT technology created by our team can be applied to various assets and industries.”
Mr. Daniel Wong, Chairman and CEO of China Information Technology Development Limited (CITD) said, “The use of blockchain technology in place of other documentation to issue bonds proves that we can fully implement and adopt the use of blockchain and smart contract technologies through DOT standard STO. We are encouraged to see Hong Kong taking a leading position in this arena.”
As the pioneer of DOT Standard 3+2 STO, XBE uses blockchain and DOT technology to effectively address authentication of real tangible or intangible assets. By continuing to innovate and upgrade DOT, XBE aims to apply the technology to more assets and industries, create new value and revolutionise the development of digital assets – opening up new possibilities in Web 5 and consolidating its leading position in the industry.
About Xtreme Business Enterprises (XBE)
Xtreme Business Enterprises (XBE) is a technology group with deep expertise and broad experience in Web 5 (Web 2 + Web 3) and its responsible adoption and implementation by companies in all industries. XBE leverages blockchain and Digital Ownership Token (DOT) technology to revolutionise traditional business models, creating and enhancing the lasting value of intellectual property, including ownership and its rights. XBE is also an efficient venture builder and incubator of new technology companies and new business divisions. XBE has two successful companies that are presently already traded on the US Over-the-Counter (OTC) Markets, including COINLLECTIBLESTM, the world’s first DOT company disrupting the arts and collectibles industry, and MARVIONTM, the world’s first DOT company disrupting the media and entertainment industry.
To learn more about XBE, please visit www.XBE.com.
About China Information Technology Development Limited (CITD – 8178.HK)
China Information Technology (CITD – 8178.HK) is a company listed on the Hong Kong Stock Exchange and wholly owns two subsidiaries – DataCube and Macro Systems. The business of the group is mainly providing integrated marketing artificial intelligence (AI) solutions, big data analytics, cloud technology, system integration services and data storage to clients across different industries in Asia.
To learn more about CITD, please visit www.CITD.com.hk.
Topic: Press release summary
Sectors: Crypto, Exchange, Blockchain Technology
From the Asia Corporate News Network
Copyright © 2023 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
Source : ACN Newswire