Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

abdelaziz Fathi

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

A slew of reputable investors has already taken strategic positions in the private token generation events held by its parent, gaming technology and services provider BetConstruct.

The team hopes to deploy the newly raised capital toward accelerating the development of their complete Web3-driven ecosystem Fastex, which includes Fastex Chain, Fasttoken, ftNFT marketplace, Fastex Pay and the ecosystem’s metaverse, Fastex Verse.

FTN’s public token sale, which was a huge success amid the prolonged crypto winter, comes less than two months after a strategic sale to private investors.

Earlier in December, BetConstruct opened up the opportunity for partners and selected investors to buy Fasttoken at an exclusive price of €0.25 for a limited time. Around 10% of FTN’s total supply was offloaded through the second phase of the private sale with a maximum contribution of €400,000 per investor.

Following the successful private funding rounds, Fasttoken held its initial exchange offering (IEO), which took place from January 18 to 20. A limited number of 10 million tokens were sold out within 3 days during the public sale, with a price of 0.35 euro per token.

Fasttoken (FTN) is an ERC-20 Ethereum-based cryptocurrency and the utility token for the Fastex’s web3 economy. The token is developed and curated by tech giant SoftConstruct, a leading IT solutions provider in the fields of web 3.0, gaming, AR, VR, finances, e-commerce, and supply chain management.

Within SoftConstruct’s vast network, FTN is exposed to over 40 million, implying high organic growth, and also accessible to 1 million active users and 700 partners across 20 platforms. More than 100 gaming providers have partnered with Fastex already, with FTN set to play a pivotal role in powering their GameFi titles.

SoftConstruct Co-Founder Vigen Badalyan said: “We’re excited for the next phase of growth for Fasttoken and the Fastex ecosystem. Our goal has always been to bring the benefits of web3 to game players and our gaming partners and we’re laser-focused to make that happen. We are also immensely grateful to the more than 100 gaming partners who have chosen to adopt Fasttoken as their in-game token.”

With fresh capital in hand, Fastex plans to continue building its platform and developing new products. Under the hood, FTN will serve as the utility token for all web3 products and services operating under the Fastex banner, including B2C and P2P payment solutions.

As one of the most-awaited projects, Fastex Chain will enable FTN to be deployed for staking and block validation, securing the entire network using a game-changing consensus mechanism – Proof of Stake and Activity (PoSA).

The PoSA consensus idea of using stake and activity to validate transactions in blockchain networks is patent pending. That would bring a new way of business development and revenue growth in blockchain, taking into account the users’ actions to maximize their chance of becoming validators on smart contracts.

On the technical front, Fasttoken has successfully passed 2 audits from separate third-party auditors: Hexens and CertiK. Earlier in November, Fastex opened the first-of-its-kind in the MENA region, the ftNFT physical stores in Mall of the Emirates and the Dubai mall. Of note, the firm has secured approval in Lithuania to operate as a fully regulated virtual currency exchange and depository virtual currency wallet operator.

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