China Information Technology Development Limited (CITD) and Xtreme Business Enterprises (XBE) Drive Innovation with World's First DOT Standard 3+2 STO and NSTO
PR Newswire Jul 18, 2023 04:20HONG KONG, July 18, 2023 /PRNewswire/ -- China Information Technology Development Limited (CITD) (HKEX: 8178), a leading technology company specializing in AI and cloud technologies, together with Xtreme Business Enterprises (XBE), a pioneer in the field of Web 3 and blockchain assets, are proud to announce the conclusion of the successful launch of the world's first Digital Ownership Token (DOT) Standard 3+2 Security Token Offering (STO) and Non-Security Token Offering (NSTO). This ground-breaking collaboration signifies a significant milestone in the development of Web 5 and the evolution of blockchain assets.
Aligned with China's 14th Five-Year Plan and Hong Kong's vision of becoming an international innovation and technology hub, the government has introduced measures to foster the growth of Web 3, blockchain assets, and smart city initiatives. The rising demand for digital ownership verification has paved the way for innovative solutions in the market.
XBE, a leader in the industry, is proud to have introduced the DOT Standard 3+2 STO and NSTO, both leveraging on XBE's proprietary DOT technology. This offering sets the stage for the future development of Web 5 and blockchain assets, driving efficiency and unlocking new economic possibilities in both the digital and the physical worlds.
Unlike conventional digital tokens, XBE's revolutionary DOT employs blockchain technology specifically designed to authenticate legal documents and smart contracts, providing legally enforceable ownership of tangible and intangible assets via tokenization. The versatility of DOTs allows their application across various sectors, including intellectual property, real estate, memberships and much more.
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 and complex trust structures to hold onto the underlying asset, mitigating risks often found in the traditional securities market.
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 reviews (i.e. Security Token, Legal and Regulatory Reviews) 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.
Dr. Herbert Lee, Founder and Chairman of Xtreme Business Enterprises Limited (XBE), commented, "XBE is dedicated to driving the development of Web 2 + Web 3, blockchain assets, and smart city initiatives, synchronizing the future progress of Mainland China and Hong Kong. We are excited to utilize the DOT standard for STOs, demonstrating the versatility of our DOT technology across various assets and industries."
Collaborating with Petaverse on the Non-Security Token Offering (NSTO)
"Petaverse is a remarkable innovative project that propels us into the future of the digital world. Within Petaverse, we have created a virtual pet metaverse where individuals can own their unique virtual pets and engage in interactive play, bringing endless joy and entertainment," says Darry Huang, CEO of Petaverse.
"With the launch of the Non-Security Token Offering for Petaverse in collaboration with CITD, we strive to build more than just a pet platform; and we aim to establish a global community of pet enthusiasts. We will connect with pet lovers from around the world, facilitating the sharing of experiences and knowledge, and thereby fostering a loving and supportive community. Through this platform, we believe that we can collectively promote the development of the pet industry and drive innovation within the field as we firmly believe that the pet industry is a vast and continuously growing market. The love and interest in pets have been steadily increasing, and the concepts of digital and virtual pets are gaining popularity. Petaverse combines the trends in the pet industry with digital technology to provide users with a unique experience of raising and interacting with virtual pets."
To sum up the STO and NSTO launches, Mr. Daniel Wong, Chairman and CEO of China Information Technology Development Limited (CITD), said, "The utilization of blockchain technology in place of traditional documentation for bond issuance showcases our ability to fully adopt blockchain and smart contract technologies through the DOT standard STO and NSTO. We are encouraged to witness Hong Kong taking a leading role in this arena, and for CITD as well."
For media inquiries, please contact:
China Information Technology Development Limited
Email: info@citd.com.hk
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 principally engaging in the provision of system integration and related support services, provision of IT infrastructure solutions and maintenance services such as integrated marketing AI solutions, big data analytics and data storage.
To learn more about CITD, please visit www.CITD.com.hk
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 Petaverse
Petaverse is a platform that combines physical and virtual elements to provide pet owners with a new interactive experience. We offer a platform that combines elements of pet socialization, gaming, virtual assets, and more, to help pet owners better care for their pets and enhance their interaction with them. Additionally, we provide a mining mechanism where users can earn rewards in our native token, which can be used for shopping and redemption within the platform, by participating in social and gaming activities. By owning a virtual pet NFT, users can participate in our social games and health assistants, and enjoy a better pet experience.
To learn more about Petaverse, please visit www.petaverse.io.
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