According to an announcement revealed on Thursday, Spencer Dinwiddie’s token application called Calaxy has raised $7.5 million in funding. The American professional basketball player for the NBA’s Brooklyn Nets has been a fan of blockchain technology for quite some time, as the point guard raised $1.3 million tokenizing his contract on the Ethereum blockchain.
Hedera Hashgraph-Powered Calaxy Raises $7.5 Million
- The NBA star Spencer Dinwiddie’s token application Calaxy raised $7.5 million in funding according to statements sent to Bitcoin.com News. The capital raise announced this week stemmed from a deal that involved the acquisition of future CLXY tokens.
- Spencer Dinwiddie’s Calaxy App aims to be the “first social media super app designed for creators, by creators.” The financier Solo Ceesay is Calaxy’s COO and cofounder who said he saw an opportunity in creating a platform that helps monetize an online community.
- Calaxy leverages the enterprise-grade blockchain network Hedera Hashgraph, a project backed by firms like IBM and Google. The Calaxy platform will leverage a native token called “CLXY.”
- Calaxy aims to offer interactive polls, messaging, video calls, and the ability for fans to engage with influencers like sports stars and musicians. The name Calaxy is a play on the words “creator” and “galaxy.”
- At the time of writing, Calaxy is in private beta and the first public version of the application will be ready in the near future. The app will be available on Google Play and Apple’s App Store and people can sign up to request early access to the public beta to get a key.
- Spencer Dinwiddie had a token sale of his contract hosted on the Ethereum blockchain last year. The sale of Dinwiddie’s tokenized contract raised $1.3 million which was only a tenth of what the project hoped to sell ($13.5 million).
- Dinwiddie’s NBA contract was tokenized by leveraging Dream Fan Shares (DFS), however, the NBA star is leveraging Hedera Hashgraph over Ethereum because it boasts a higher transaction throughput.
- The point guard for the Brooklyn Nets initially told the press he would tokenize his contract in 2019 but the NBA threatened to end his contract. Despite this, Dinwiddie continued his mission and has been a proponent of blockchain technology ever since.
What do you think about Spencer Dinwiddie’s and Solo Ceesay’s Calaxy social media application raising $7.5 million in funding? Let us know what you think about this subject in the comments section below.
- 2019
- access
- acquisition
- American
- announced
- Announcement
- app
- Application
- Basketball
- beta
- Bitcoin
- Bitcoin.com
- blockchain
- blockchain technology
- capital
- cofounder
- comments
- community
- contract
- coo
- Creating
- deal
- Early
- ethereum
- Ethereum blockchain
- First
- funding
- future
- Google Play
- Hedera Hashgraph
- HTTPS
- IBM
- influencers
- interactive
- involved
- IT
- Key
- Leverage
- Media
- messaging
- million
- Mission
- musicians
- NBA
- Near
- network
- news
- offer
- online
- Opportunity
- People
- platform
- player
- press
- private
- project
- public
- raise
- raises
- sale
- sell
- Shares
- Social
- social media
- Sports
- store
- Technology
- time
- token
- Tokens
- transaction
- us
- Video
- week
- WHO
- words
- writing
- year
More from BitcoinNewsMiner
Bitcoin’s Hashrate Surges Reaching a Lifetime High, Difficulty Expected to Jump Next Week
Source Node: 1278644
Time Stamp: Apr 24, 2022
Asset Manager Sees Bitcoin Price Bottoming out — Says Market Is Mispricing BTC
Source Node: 896489
Time Stamp: Jun 2, 2021
Billionaire Steve Cohen: ‘I’m Doing a Deep Dive Into Crypto, I’m Fully Converted, I’m Not Missing This’
Source Node: 933181
Time Stamp: Jun 20, 2021
SEC Asking for Jurisdiction Over All Crypto Exchanges Is ‘a Blatant Power Grab,’ Says Lawmaker
Source Node: 1025994
Time Stamp: Aug 11, 2021
LUNA 2.0 Token Loses 56% Since Last Week, Whistleblower Accuses Terraform Labs of Owning Shadow Wallets
Source Node: 1345419
Time Stamp: Jun 6, 2022
ECB Vice President Says Crypto Assets Are ‘Not a Real Investment’ Citing Weak Fundamentals
Source Node: 866609
Time Stamp: May 19, 2021
Saudi Princess Reem Al Faisal Launches ‘First’ Saudi NFT Collection
Source Node: 1166962
Time Stamp: Feb 6, 2022
Down From the Peaks: A Look at How Far Crypto Assets Have Slid From Their All-Time Highs
Source Node: 1131410
Time Stamp: Jan 11, 2022
Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst
Source Node: 1151944
Time Stamp: Jan 23, 2022
Bank of America Strategist Warns ‘Recession Shock’ Is Coming, Analyst Says Crypto Could Outperform Bonds
Source Node: 1254715
Time Stamp: Apr 8, 2022
Crypto IRA Platform iTrustCapital Raises $125M at $1.3B Valuation
Source Node: 1146570
Time Stamp: Jan 19, 2022