Dinwiddie’s Blockchain Application Gets $7.5 Million in Funding
Basketball and blockchain are getting even more closely together after the NBA star launches his proprietary social media application.
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Calaxy - where fans and celebs meet.
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The failed token sale.
Calaxy - where fans and celebs meet
For some inexplicable reason, elite athletes from the United States have taken a keen interest in cryptocurrencies and blockchain technology. Our blog has already featured the stories about Russell Okung and Wilson Chandler, who are both die-hard supporters of our beloved digital money and non-fungible tokens. Their passion for crypto is shared by several other American football and basketball players. And now, this bunch of sports celebrities/slash crypto fans got a new member, Spencer Dwindle, who plays point guard for Brooklyn Nets. In fact, Dinwiddie has a long-standing relationship with cryptocurrencies.
Last week, the crypto community got the news that a token application called Calaxy, which is closely associated with Dinwiddie, acquired $7.5 million in funding. It is reported that the prior deal regarding the mass purchase of CLXY tokens, which are yet to be released, made this injection of funds possible.
The app description says that it strives to become the “first social media super app designed for creators, by creators,” which is a bit of a trivial motto with a scent of FUBU sweatpants. But anyway, the team actually employs a competent COO in the face of securitization expert Solo Ceesay. The University of Pennsylvania graduate claims that he sees great potential in Calaxy to facilitate an active monetization of the global online community.
The failed token sale
From a technical standpoint, Galaxy employs a state-of-the-art blockchain network called Hedera Hashgraph. It’s worth noting that this blockchain project was endorsed by tech giants like IBM and Google, which means that their product is definitely viable. The economics of this application will be fueled by the mentioned CLXY tokens.
As far as we know, Galaxy will feature a variety of interactive polls, a standard combo of video chat and messenger, and a certain option to engage with famous athletes and musicians. However, there is no explanation yet as to what incentives celebrities would get for interacting with fans. By the way, the name Calaxy is actually a portmanteau word that is made of two words: “creator” and “galaxy.”
Right now, the app is in the private beta, but the rumor has it that we will see the public beta in the coming weeks on Google Play and App Store, where users can submit a request for early access.
As we already mentioned, Spencer Dinwiddie is no stranger to crypto tokens. Last year, he even organized a token sale of the Ethereum-based tokenized contract, though it turned out to be underwhelming since people bought only $1.3 million worth of Dream Fans Shares (DFS) out of the planned $13.5 million. These tokens were also issued on the Hedera Hashgraph blockchain because it ensures a higher throughput.