Cryptocurrency platform CoinBurp has scored over $2m in its seed round, which was co-led by Moonrock Capital and Alphabit Capital.
The seed round was oversubscribed by more than 1000%.
Other contributions to the seed round include Outlier Ventures, Pluto Digital Assets, Blocksync Ventures and Momentum6.
With the equity injection, the FinTech hopes to launch its $BURP utility and governance token, which will act as the “powerhouse” behind its ecosystem. Additionally, the company is looking to launch the MVP product and announce the mechanism of the token distribution to the public as well as the finer details about the DAO.
Based in the UK, the platform enables consumers to buy, sell, convert and spend their cryptocurrencies.
CoinBurp has the goal to become the Coinbase for NFTs and has stated to build within the decentralised and NFT space. Its final product will bridge the gap between the worlds of CeFi and DeFi to allow the user to get in and out of DeFi, hold and trade NFTs, stake for an APY and earn NFTs.
CoinBurp CEO and co-founder Peter Wood said, “CoinBurp is a self-sustaining business as it is, we were in a very good position to make the plunge into DeFi and NFTs – doubling our existing development and marketing teams as well as support and operational in under a month.
“This comes with increased spend and the funding round has helped us ensure we move fast and we build to last. Our Alpha app is already out and by June, we’re going to be taking the NFT world for a serious ride.”
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