Web3 Wine Marketplace Baxus Raises $5m From Multicoin Capital, Solana Ventures
Baxus, a marketplace for wine and spirits, has secured $5 million in a funding round led by Multicoin Capital.
Blockchain marketplace for spirits Baxus has announced a $5 million seed round led by Multicoin Capital with participation from Solana Ventures, and FJ Labs among others. In addition to Solana Ventures, Alex Kehaya and Austin Federa (from Solana Foundation) as well as Frank Chapparo (The Block) have also participated in the funding.
In an X announcement, the U.S.-based startup said the proceeds will enable the marketplace to continue its mission “to bring liquidity and transparency to the gargantuan $470 billion global luxury wine & spirits market.”
“Our goal to modernize the collectible spirits market by bringing it online and constructing a liquid marketplace that seamlessly connects buyers and sellers is embodied by our investors who come from the worlds of web3, traditional finance, and whiskey.”
Baxus
According to Baxus, buyers on their marketplace incur no additional fees beyond the listed price, with a flat 10% fee only being deducted upon the successful sale of an item. Consumers purchasing spirits through Baxus receive a non-fungible token (NFT) minted on Solana, validating ownership.
Upon redemption of the token for the physical bottle or barrel of whiskey, the corresponding NFT is invalidated, Baxus says, adding that the product is removed from the trading platform. The company assures that all assets are securely stored in its temperature and humidity-controlled vaults situated across the U.S.
BlackRock And The Institutional Embrace Of Bitcoin
BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more
Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business
Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more
Pump.fun Platform On Solana Faces Potential Exploit
Ongoing investigations reveal that Solana-based platform Pump.fun, which facilitates token launches, has reportedly been... Read more
Tornado Cash Developer Appeals Verdict, KOLs Slam Dutch System
Tornado Cash developer Alexey Pertsev has reportedly appealed a guilty verdict in the Netherlands as the case sparked a ... Read more
Senate Approves Reversal Of SEC Crypto Custody Bulletin
The U.S. Senate passed a measure to overturn an SEC bulletin on crypto custody standards, and it is now awaiting Preside... Read more
Will VeChain (VET) Be A Profitable Investment In May 2024?
VeChain’s native token, VET, is currently trading at around $0.034 and has nearly increased by 1.5% in trade volume ov... Read more