As an experienced analyst in the tech and finance industry, I’m particularly intrigued by Baxus’ announcement of securing a $5 million seed funding round led by Multicoin Capital. The company’s mission to modernize the collectible spirits market and bring it online with a liquid marketplace connecting buyers and sellers resonates with me given the vast potential of this market, valued at an impressive $470 billion globally.
Baxus, an online platform specializing in wine and spirits sales, raised $5 million in a financing event headed by Multicoin Capital.
As a researcher studying the latest developments in the blockchain industry, I’m excited to share that Baxus, the innovative blockchain marketplace for spirits, has recently closed a $5 million seed funding round. Multicoin Capital spearheaded this investment, and they were joined by esteemed venture capital firms Solana Ventures and FJ Labs, among others. Furthermore, notable industry figures such as Alex Kehaya and Austin Federa from the Solana Foundation, and Frank Chapparo from The Block, also contributed to this round.
Delighted to share the news of our successful $5 million seed funding round, spearheaded by Multicoin Capital, along with contributions from Solana Ventures, FJ Labs, and Narwhal Nation.
— BAXUS (@BAXUSco) May 1, 2024
In a recent statement from their headquarters in the United States, the innovative start-up revealed that the funds raised in the X event will help their marketplace carry on its objective: delivering liquidity and clarity to the vast, $470 billion international market for luxury wines and spirits.
“Our objective is to revitalize the collectible spirits industry by transitioning it online and establishing a marketplace where transactions between buyers and sellers flow effortlessly. This vision is shared by our investors, who hail from the realms of web3 technology, conventional finance, and whiskey connoisseurship.”
Baxus
In the marketplace of Baxus, there are no hidden charges for buyers; they only pay the displayed price. A flat fee of 10% is charged once an item is successfully sold. For consumers buying spirits from Baxus, they obtain a unique NFT as proof of ownership, minted on the Solana blockchain.
When you exchange your token for the actual whiskey bottle or barrel, the related NFT becomes unusable, Baxus explains. He further mentions that the merchandise is taken down from the trading platform after the transaction. The firm ensures the safety of all assets by keeping them in temperature and humidity-controlled storage facilities scattered throughout the United States.
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2024-05-02 14:30