Funding Rounds with FalconX and Outland, Shopping Giants eBay and Shopify Make Crypto NFT Moves
FalconX recently completed a $150 million funding round, Outland has raised $5M in its seed round, as eBay and Shopify continue to venture into the NFT industry.
FalconX Raises $150 Million in Funding Round
A tweet by Bloomberg earlier today said, “FalconX doubled its valuation to $8 billion despite a major market downturn for crypto.” This news comes after the network recently raised $150 million in a Series D funding round led by a couple of investors, including B Capital and GIC. The California-based startup also enjoyed funding support from Wellington Management, Tiger Global Management, Adam Street Partners, and Thomas Bravo.
In August last year’s funding round, the platform raised $210 million, quintupling its valuation to $3.75 billion. This new funding round’s success is good news for FalconX as they intend to increase their staff by 30%. Accordingly, there are plans to use the funds to acquire assets, tech and data analytics, and expand the network’s services.
The network’s CEO and founder, Raghu Yarlagadda, said, “Over the next 12 to 18 months, we do expect a very volatile market. And, given that volatility, we see very strong opportunities for acquisitions.”
Crypto.com Secures Singapore’s Approval for Major Payment Institution License
Earlier today, Wu Blockchain tweeted, “Crypto com announced that it has received in-principle approval from the Monetary Authority of Singapore (MAS) for its Major Payment Institution License. Crypto com just had a big layoff.”
This exchange platform, considered the largest in the world, hopes to use this license to offer different services authorized in the payment service act.
The CEO and Cofounder of Crypto.com Kris Marszalek said
“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while protecting consumers, and their in-principle approval of our application reflects the trusted and secure platform we have worked diligently to build.”
This trusted crypto exchange network also announced that it received provisional approval from the Dubai Virtual Assets Regulatory authority on its MVP license. They intend to launch exchange services within the Dubai region. However, Crypto.com has also recently laid off about 260 employees due to the ongoing market bears.
Outland Raises $5 Million in Seed Round
Earlier today, reports emerged that Outland’s emerging crypto network announced a successful seed round of $5 million. The network aims to bring NFT-focused solutions to the blockchain ecosystem.
According to reports, this funding round was led by OKG ventures, with other investors also participating. Among the investors include Dragon Roark, IMO Ventures, and JDAC Capital.
eBay Acquires KnowOrogin NFT Marketplace
In a press release earlier today, eBay, an American giant e-commerce company, announced the acquiring og KnowOrigin, a UK-based NFT marketplace. KnowOrigin allows users to conduct different NFT-focused activities, including buying, creating, and reselling NFTs.
The CEO of eBay, Jamie Iannone, noted that,
“eBay is the first stop for people across the globe who are searching for that perfect, hard-to-find, or unique addition to their collection and, with this acquisition, we will remain a leading site as our community is increasingly adding digital collectibles.”
When commenting on the deal, KnowOrigin posted on their website, “We’re excited to see how together we can empower our existing creators and introduce a whole new global audience through this acquisition.” While the acquisition is already progressing, the details about the financial side remain undisclosed.
Shopify Adds NFT Gated Feature for Online Retailers
In a recent Shopify video, the e-commerce giant announced launching a new feature, NFT-gated storefronts. Shopify has been focusing on solutions allowing small businesses to create customized e-commerce shops as an online shopping giant.
The Shopify announcement video mentions that you can “Invite your community into a world that recognizes and rewards loyalty… Token holders connect a crypto wallet to unlock exclusive shopping experiences, from early access to drops and limited collections to one-of-a-kind experiences.”
The network has already made partnerships with different NFT collections, including Doodles, Superplastic, Stapleverse, World of Women, Adam Bomb Squad, Invisible Friends, and Cool Cats, to create token-gated storefronts.
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