Fastex, a rising Web 3 ecosystem, raises $23.2 million in financing in a token generation event that saw over 10 million tokens sold in a private and public sale of its utility token, Fasttoken (FTN).
Fastex announced the successful raise of $23.2 million in a token generation event of the Fasttoken (FTN), the official utility token on the platform. The funding was raised from the second phase of Fasttoken private sale, with reputable Web 3 strategic investors and venture capital firms participating in the financing round. Following the successful raise from strategic investors, the token sale was also opened to the public on January 18, selling out 10 million tokens, and raising well over $3 million in less than three days.
According to the team, the new capital inflow will be deployed towards accelerating the development and growth of its Web 3 ecosystem, building out new features and products, and expanding the existing operations. The Fastex ecosystem is an all-in-one portfolio that includes the Fastex Chain, ftNFT marketplace, Fast Pay, Fast Ticket, and its novel gaming metaverse, Fastex Verse.
The private round of investing was opened in December 2022 to partners and strategic investors allowing them to purchase FTN at a discounted price of €0.25 for a limited time, and a maximum contribution of €400,000 per investor. Less than two months in, Fastex has successfully completed its TGE, in less than three days, with public investors showing massive interest in investing in the token. A total of 10 million FTN tokens were offloaded during the public sale at a price of €0.35 per token, at a maximum contribution of €1,000 per investor.
Fasttoken (FTN) is built on the Fastex Chain, an EVM public chain offering a suite of DeFi tools supporting everything including trading, staking, borrowing and lending. The token is the umbrella utility token on the Fastex Web 3 ecosystem and powers all products and services operating under Fastex. The launch of the Fastex Chain opens up multiple possibilities as the token can be deployed for staking and block validation, securing the entire network using an innovative Proof-of-Staked-Activity (POSA) consensus.
In addition, users with a unified FTN wallet will only need to submit KYC details once to access the full spectrum of on-chain applications on the Fastex Web 3 ecosystem.
The relationship with SoftConstruct, a network that has exposure to over 40 million customers, also points towards helping in growing the FTN community organically. So far, the growth of the Fastex ecosystem has been impressive, with more than 100 gaming developers and providers partnering with them to use FTN to power their gaming titles, a sight that excites SoftConstruct Co-Founder Vigen Badalyan.
“Our goal has always been to bring the benefits of web3 to game players and our gaming partners and we’re laser-focused to make that happen,” Vigen Badalyan said. “We are also immensely grateful to the more than 100 gaming partners who have chosen to adopt Fasttoken as their in-game token.”
Fastex boasts a wide range of partners in the Web 3 industry including Radix, FeedConstruct, uCraft, and MLG Blockchain. The blockchain is also audited by 3 third-party auditing firms including CertiK, Hexens, and Fact Group. The company is planning several events across the globe to educate people on Web 3. In the coming months, Fastex will visit several global locations including London, India, and Dubai.
