NBA’s Spencer Dinwiddie Raises $7.5 Million for Crypto Social Token App



Briefly

  • Calaxy, a social token platform co-founded by NBA star Spencer Dinwiddle, has raised $7.5 million in funding.
  • The app will launch with Calaxy Creator tokens from celebrities like Iman Shumpert, Teyana Taylor, and The Bachelor star Matt James.

Brooklyn Nets participant Spencer Dinwiddie has been one of the crucial outspoken advocates for Bitcoin and cryptocurrency in skilled sports activities, even promoting tokenized shares of his NBA contract in 2020.

Earlier this yr, Dinwiddie launched a brand new crypto app venture known as Calaxy, designed to assist fellow athletes and celebrities promote social tokens to their followers.

As we speak, the startup introduced that it has raised $7.5 million in funding to construct out the platform and develop its staff, and it has introduced another well-known faces alongside for the journey.

Alongside the funding information, Calaxy introduced a few of the creators that can launch social tokens on the platform. NBA champion Iman Shumpert and actress/singer-songwriter Teyana Taylor, who’re married and star in a actuality sequence collectively, will launch their very own tokens, together with NFL participant Ezekiel Elliott, and The Bachelor TV sequence star Matt James. Actuality star Claudia Sampedro and social media influencers Eric Struk, Chaz Smith, and Chozus are additionally onboard.

Elliott and James are additionally amongst the traders on this funding spherical, becoming a member of the likes of NBA coach Luke Walton, NFL participant Larry Ogunjobi, and former PayPal Head of Blockchain Technique Jonathan Padilla. Animoca Manufacturers, RedBeard Ventures, ArkStream Capital, NGC Ventures, and Genesis Block Ventures additionally participated within the spherical.

Calaxy, a portmanteau of “Creator’s galaxy,” is constructed on Hedera Hashgraph’s distributed ledger know-how. It would allow an array of interactions between creators and followers, together with video messages and calls, MasterClass-esque content material, and fan membership subscriptions. The Calaxy Creator social token can be used inside the decentralized economic system, plus creators can promote their very own crypto collectibles as non-fungible tokens (NFTs), which regularly take the type of pictures, movies, and different digital content material.

“The potential of social tokens and the way they’ll form the methods during which creators work together with followers are infinite,” Calaxy COO and co-founder Solo Ceesay instructed Decrypt. “What we’ve constructed at Calaxy is one thing that’s palatable and acquainted given our Internet 2.0 look and capabilities, whereas on the identical time leaning in in the direction of a future [in which] the tokenization of a creator’s time or collectible merchandise could be facilitated in a matter of seconds. We as an organization are thrilled to be the gateway right into a decentralized world and on the forefront of introducing crypto and blockchain know-how to the plenty.”

Earlier this week, Calaxy introduced a handful of strategic advisors from throughout the crypto trade, most notably Dapper Labs founder and CEO Roham Gharegozlou, whose NBA High Shot collectibles platform helped spearhead the current NFT growth. Gharegozlou can be joined by Liquefy CEO Adrian Lai, Centre Consortium Senior Authorized Counsel Chad Richman, and Rahul Kathari, Analysis Engineer at Twitter’s Bluesky decentralized social media venture.



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