KUALA LUMPUR: BidNow has officially launched $BID, Malaysia's first regulated utility token issued under the SC's IEO Framework, marking a groundbreaking move into the Web3.0 landscape through blockchain technology.
The $BID token is designed to offer a transparent, secure, and efficient bidding experience, alongside exclusive benefits and rewards that aim to redefine the auction industry.
The launch event on Dec 28, 2024, included a signing ceremony for a Memorandum of Understanding (MoU) with KC International Group to establish a strategic partnership.
This collaboration focuses on sharing token market resources and exploring new opportunities within the cryptocurrency sector.
On the same day, BidNow announced that $BID successfully debuted on HATA.io, Malaysia's only dual-licensed cryptocurrency exchange.
Frankie Goh, founder and chief executive officer of BidNow, highlighted the significance of the launch.
"The launch of the $BID token is not only a major milestone in our journey of technological innovation but also a significant step toward digitalisation and smart transformation in the auction industry. Through $BID, users will enjoy a more seamless transaction experience and greater rewards," he said.
The $BID token's core features include effortless payments, reward opportunities, investment options, cost savings, and priority privileges.
Goh emphasised that whether bidding on real estate or services, $BID provides a convenient, efficient, and cost-effective experience.
He said the market's enthusiastic response was evident during the Initial Exchange Offering (IEO), with $BID achieving oversubscription.
Goh attributed this success to the token's legitimacy and trustworthiness.
"As the first regulated utility token issued under the SC's IEO framework for auction arrangements, $BID has a strong foundation of market credibility. There is transparency and security. The blockchain technology ensures transactions are transparent, traceable, and fair. Users benefit from both convenient transactions and additional value through reward points," he said.
BidNow is preparing to expand into the Singapore market to connect with cross-border users and premium auction resources.
The company also plans to enhance its platform through technological advancements, including decentralised auctions and smart contract functionality, to further improve transaction efficiency and user experience.
"We are also looking at enhanced user experience by continuously improving the platform through technology upgrades and streamlined processes," he said.
Founded in 2019, BidNow is dedicated to providing a transparent and fair bidding experience across real estate, goods, and service auctions. With its focus on innovation and user-centric principles, the platform has established itself as Malaysia's leading auction brand, renowned for trust and excellence in the industry.