Fastex raises $23 million in public and private sales of FTN token

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The Web3 ecosystem, Fastex, has reportedly raised $23.2 million in a dual-phase sale of its native Fasttoken (FTN) cryptocurrency.

In a statement on its website, the company confirmed the token had been made available in two sale events: a private offering for strategic investors and a public token generation event for the general public.

FTN Token sold out in three days

The Web3 company indicated that the strategic private sale occurred two weeks ago in a low-key event. However, it made the token available to the public on Jan. 18, and sold out within three days.

According to the company, the two events generated about $23.2 million despite the ongoing crypto winter, which has dampened the digital asset market since early last year.

FTN is the official cryptocurrency of the broader Fastex ecosystem, which consists of a non-fungible token (NFT) marketplace, a crypto payment channel, a spot trading crypto exchange, and a gaming metaverse.

The just concluded rounds are crucial for the new product. The company has earmarked the new funds to accelerate the following stages of its marketing strategy and technical development.

Price tracking website, CoinMarketCap, uploaded FTN’s price dynamics chart on Jan. 26, 2023. Furthermore, the token is currently accessible on the Ethereum-based Uniswap v3 decentralized exchange (DEX) in a trading pair with the USDT stablecoin.

FTN to anchor Fastex’s blockchain consensus mechanism

Fasttoken will power all Web3 products offered on the Fastex ecosystem, including business-to-consumer (B2C) and peer-to-peer (P2P) payment options. Users of the platform will also be able to use FTN for staking and block validation once Fastex launches its Fastex Chain blockchain. Fastex will also use the token to secure the blockchain through its novel proof-of-stake-activity (POSA) consensus mechanism.

The Armenian technology company, SoftConstruct, incubated the token. The company’s co-founder, Vigen Badalyan, said the all-in-one platform has already partnered with over 100 game providers. He expects FTN will play a significant role in the functioning of the GameFi products they’ll offer.

The Fastex ecosystem combines an earned value management (EVM) public chain with decentralized finance (DeFi) primitives to enable trading, saving, and other crypto functionalities. The platform allows users with unified digital wallet accounts to access its entire range of on-chain applications after they fill out their KYC information.

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