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Crypto Snack Secures $50M Deal to Develop Infrastructure

Finance

www.bsc.news 27 July 2022 22:09, UTC
  
Reading time: ~3 m

Huge Investment Fund on BNB Chain 

Crypto Snack, the official crypto partner of RCD Espanyol and iGaming token on BNB Chain secured an investment deal worth $50 million from GEM Digital Limited. 

GEM Digital is a digital asset investment firm with a proven track record of actively discovering, structuring, and investing in utility tokens listed on various Decentralized Exchanges (DEX) and Centralized Exchanges (CEX). The Crypto Snack team will look to utilize the funds from GEM to develop its ecosystem. 

Crypto Snack CEO, Stuart Morrison, confirmed the investment to BSC News, adding that the deal would accelerate the project’s growth on BNB Chain. The protocol also announced the big deal through Twitter on July 27.

The good news just keeps on flowing and we are very happy with today's #announcement!🚀🍩

We are delighted to announce this $50M #Investment from #GEMDigital🥳🥳🥳 pic.twitter.com/6wb8FNc4F8

— Crypto SNACK 🍩 (@CryptoSnack_) July 27, 2022
“We are delighted to announce this investment with GEM Digital. In the current bear market, it’s reassuring to see large traditional financial institutions still interested in digital assets. Even though we view Crypto Snack as a long-term project, this $50M commitment really allows the project to accelerate our roadmap by around 24 months so that we grow exponentially,” Morrison said. 

The protocol is optimistic that the funds will establish its native $SNACK token as the number one token in the iGaming industry. BSC News also believes that the investment places the platform on the right track to becoming a leading name in the Decentralized Finance (DeFi) space. 

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More Partnerships and Improved Infrastructure 

Its partnership with Espanyol ensures that the club accepts payments in crypto, including its $SNACK token, allowing Espanyol fans to buy tickets, food items, and jerseys with SNACK and other assets. The platform will use the funds to partner with more sports teams while also developing its infrastructure. 

“Crypto Snack will continue the expansion into the world’s professional sports to allow the community to use the SNACK to purchase tickets, jerseys, and experiences,” the CEO told BSC News. “We are looking at teams around the globe to have strategic partners in various countries to grow our international and inclusive community.” 

The platform will use the funds to maximize the exposure of its partnership deals, both new and old. One of Crypto Snack’s plans to develop its infrastructure is to list $SNACK on top exchanges. According to the CEO, the SNACK token will be integrated into a top crypto exchange shortly. 

“We are committed to joining one of the world’s top exchanges in the coming weeks to encourage the growth of holders and simplify SNACK token transactions globally,” Morrison added. 

The next step for Crypto Snack is to start its expansion on BNB Chain. Even in the bear market, the protocol will look to make progress after the huge incentivization obtained from GEM Digital.


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