Cheap crypto capital hits wall as Bitfinex fee rule binds
Paolo Ardoino says tokenization should cut companies’ capital-raising costs by 80%, but Bitfinex Securities’ fee schedule highlights a challenge: a sample $5 million, one-year bond incurs a $100,000 minimum issuer fee, despite a lower percentage-based calculation. Issuance also involves eligibility checks, documentation and ongoing reporting. The article argues that affordability must be measured by businesses’ total financing costs, not just faster settlement or investor trading. Smaller firms may benefit from pooled financing, such as Luxembourg fund ALTERNATIVE, which issues bonds and channels proceeds to businesses. Its program had issued four bonds totaling $6.2 million-equivalent by March 2026, with matured bonds repaid and coupon payments made. However, available figures do not show whether borrowers received cheaper loans. Demonstrating tokenization’s inclusion promise requires comparable evidence on issuer costs and, for pooled models, the terms offered to end borrowers.
