Blocktrade, a gamified crypto asset and marketplace has disclosed the company has raised $5.55 million of funding in an exclusive sale of its Blocktrade Exchange Token (BTEX) token which ran from May 5th to 18th and followed a sold-out pre-sale round earlier this year.
Slump In Investment Funding Haunts Crypto
The ongoing slump in the digital assets market has impacted crypto-based companies significantly. According to a new report by global capital markets data platform PitchBook, crypto-focused companies have managed to raise almost $2.6 billion across 353 investment rounds in the first quarter of 2023 despite declining investment activity for the fourth consecutive quarter.
The amount raised signaled a 12.2% and 11% decrease in the quarter-on-quarter total number of deals and deal value, respectively. It also represented the fourth consecutive quarter of decreasing investment activity, as the amount was the lowest capital invested and deals completed since Q4 2020. It seems macroeconomic factors along with regulatory uncertainty have caused trouble for the cryptocurrency industry.
Ledger is proud to announce our Series C extension fundraising round.
We continue our mission of bringing ease-of-use and uncompromised security to your digital value.
Read what our CEO @_pgauthier has to say:https://t.co/JSHyi5jKIQ pic.twitter.com/aGi2FhOXCs
— Ledger (@Ledger) March 30, 2023
Despite the decline in investment activity, some firms have somehow managed to rope in substantial funding. Recently, Ledger, the firm behind different hardware wallets like Nano S and Nano X announced the closure of its Round C funding process securing nearly $109 million against its valuation at a sum of $1.4 billion.
New Funding To Boost Gamified Asset Marketplace
In the latest development, Blocktrade announced it raised more than $5 million worth of BTEX from over 1400 community members in 42 countries. The company stated it intends to use the funds to expand operations and its business reach. Christian Niedermueller, CEO at Blocktrade thanked the overwhelming response and participation by Blocktrade VIP members to the exclusive BTEX token sale round. He added,
“This show of enthusiasm points to the appetite amongst crypto users today for an accessible and engaging digital asset trading platform. We now look forward to continuing to enhance the experience on offer to Blocktrade’s ever-growing community.”
According to the official press release, the BTEX token will enable users to engage in the Blocktrade gamified universe and the wider ecosystem, allowing token holders to access in-house and third-party games hosted on the Blocktrade platform, and use the token to unlock level fast passes, physical rewards, NFT avatars, token airdrops, and trading bonuses, among a host of other features. BTEX holders will also be able to utilize the digital token to access alternative payment options within partner ecosystems.
🚀$BTEX – new token to take over the world of gamification and how to get it!
🎮BTEX will be the fuel of Blocktrade 3.0 gamified ecosystem and the key to unlocking a wide range of benefits on Blocktrade and its partners#blockchain #cryptocurrency pic.twitter.com/56cXsyCzKc
— Blocktrade (@Blocktradecom) March 23, 2023
This comes hot on the heels after Blocktrade launched its 3.0 version, which merges gaming elements with crypto investing and introduces NFT avatars and a sophisticated level system to transform the way users learn about and engage with digital assets.
