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Fastex Raise $23.2M Amid Web3 Submerged Fundraising

After the successful investment outcome of Web3 was released in 2022, there has been a slow development in the Metaverse sector. This is so visible that it has been reflected in the market activity. Most of the successes were recorded in NFT and play-to-earn gameplay.

According to the most recent data on this development, the inflow of Web3 fundraising has plunged from approx. $1.3B in the beginning of (Jan.)last year to a struggling $136M, the same time in 2023. 

This was reported to be the reason behind the dramatic withdrawal in the project’s venture capital growth; it is compared to what was applicable in the earlier days.

Even with the huge decline in investment during the current cryptocurrency winter, not every new cryptocurrency initiative was discouraged by the plunge. News making rounds has it that just last month, Fastex had raised $23.2M by selling its FTN token.

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Fastex Functionality 

The firm, while describing the characteristics of the token, said that Fasttoken is designed to work on the ERC-20ERC-20 ETH network, which functions as a utility on the Fastex platform. 

The FTN unlocks every product or service linked to Web3 or any of them that has been hosted on the Fastex platform. It was also revealed that it could be very useful in a B2C, and P2P situation. 

With such capital raised, Fastex hopes to extend its operations through the creation of new products that work perfectly with its gaming environment. 

It was gathered that two months prior to  the FTN IEO was declared public on the 18th of January, the company had picked some employees, some few top investors, and business partners, who were given the opportunity to participate in a personal/independent FTN token ceremony, which was done via BetConstruct: the parent company. 

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It was also gathered that ten million FTNs were sold few days after it was made public, where it was sold at €0.35 per token for the past three days. Officials within the company said that the funds realized during the sales with help the company in its bid to develop a better Fastex environment. 

The Achievement so Far

While fact-checking on the success of the Fastex system since its launch, it was realized that over a hundred gaming platforms have already started taking advantage of the FTN by deploying it while powering their major GameFi game titles. It was also disclosed that it provides a controlling rams for gamers looking to gain access to assist the Fastex system. 

Although Fastex as a company initially designed to run on ETH platform, the company said they would be moving their entire base to their newly developed Fastex chain. 

They further revealed that it is another way to augment the security of the network on which the platform runs on. Industry observers believe that when this process is completed, it will go a long way to encourage the use of FTN for staking and other related services.

They further explained that the consensus system is nothing like the traditional proof-of-stake (PoS) that is powered by blockchains. With the new PoSA model, the system will consolidate the amount of crypto a user stakes in the node while also accessing the activities of the network. 

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Further explaining the functionality of this system, he explained that there is a possibility that a user can become a block producer, but it depends largely on the individual’s approach toward the smart contracts or the gains they are rewarded with. 

In an official statement by Fastex explaining this system’s operations, it can increase each user’s chances of earning while on the newly developed chain. It also has the ability to generate engagement.

In other news, it was gathered that another Fastex project called the “Festex Testnet” went public on the 1st of February, and the responses from users have been quite impressive. However, there have been some speculations that they are testing the waters and getting ready to launch the Mainnet.


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📰 Also read:  Whale Activity Spurs Dogecoin's 10% Price Rally with 600 Million DOGE Transferred

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Brenda Collins

Brenda Collins is a seasoned crypto news writer with a deep passion for blockchain technology and its transformative potential. With years of experience in the industry, she has honed her skills in delivering concise and insightful analysis, making complex concepts accessible to a wide audience. Brenda's dedication to staying up-to-date with the latest developments in the crypto world ensures her readers receive accurate and timely information.

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