Bitfinex Securities raises $50 million for tokenized nickel trading

Bitfinex Securities announced a $50 million tokenized capital raise for Alkemya Metacore. Alkemya Metacore is a Luxembourg-based investment and operating platform focused on high-technology metals. Bitfinex Securities is preparing to list ALKN as a new security linked to the platform. ALKN will be available for primary subscription to eligible investors until Oct. 15. The offering represents high-purity nickel wire on a blockchain. The wire stockpile is valued at $1.6 billion. The stockpile contains 7 million meters of wire. The wire is held in custody in Switzerland. The wire is used in the semiconductor, aerospace and defense industries. A Bitfinex Securities representative said the structure wraps the nickel into a tradable financial product. The representative said the product enables collateral use cases and continuous hedging for traders.