Jupiter Exchange, an alternative asset exchange that uses fractional NFT technology, has closed a seed funding round on $5m.
The seed round was led by venture capital investor White Hilt Capital.
According to FinTech Finance, Jupiter curates iconic objects and makes fractional ownership available to anyone through its digital marketplace and exchange.
The company has established a process where the ownership of each curated item – such as fine art, cars and pop culture memorabilia – is minted as an NFT and fractionalised into individual ownership tokens.
After it is sold on the marketplace, the item is listed on the Jupiter Exchange and available through a traditional bid-ask model.
Jupiter Exchange CEO Loren Dealy Mahler said, “We are thrilled to finally introduce Jupiter to the world. Beauty belongs to those who appreciate it, and we are grateful to White Hilt Capital for sharing in that vision and partnering with us to facilitate expanded ownership of the world’s most beloved items. Our team has been working around the clock to bring Jupiter to life, and we look forward to establishing our presence at the intersection of blockchain technology and financial markets.”
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