IDGCVB and Kyber Ventures led $1.1 M Seed funding secured by Vietnam’s Oxalus
A non-fungible token (NFT) social commerce platform is being developed by the Vietnam-based blockchain startup Oxalus, which has raised $1.1 million in seed funding led by IDGCVB and Kyber Ventures.
The company will think about making additional investments in data development and expanding its engineering team, Oxalus said in a statement.
Hieu Nguyen Dang, a platform builder, digital marketer, and entrepreneur, founded Oxalus in 2022.
Users can connect, engage in online interaction, and purchase NFT collections using this social commerce platform for NFT.
This social media platform specializes in NFT and allows users to connect with other traders and collectors, keep up with market news, and learn about upcoming NFT events.
Users can express themselves through original content, manage their portfolios, comment, like, follow, and share directly on the platform.
The platform also incorporates market components like NFT Aggregator, a tool that enables professional traders to purchase NFT from various marketplaces at the best possible price.
Additionally, it comes with an analytics tool that enables users to explore and visualize big data from blockchain, track every transaction made by wallets and collections, and make profitable investment decisions.
Oxalus has attracted about 900,000 unique users and connected over 200 partners in Asia, Latin America, and the United States.
“Our startup selection criteria are to see if the startup is specialized in blockchain technology, the team can capture the essence of this technology to create a breakthrough in the market,” said David Tran, the General Partner of IDGCVB.
“Blockchain technology is still at the development stage, and it is not fully mature like technology in artificial intelligence (AI), e-commerce, or other industries, so the founding team must be people with an outstanding grasp of blockchain,” he added.
Centic and Next Vision Capital (NVC) are two blockchain businesses in which IDGCVB had investments.
Additionally, Kyber Ventures took part in the funding of Coin98, Airstack, and Aura Network.
