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Baxus, a wine and spirits marketplace, has raised $5 million in a funding round led by Multicoin Capital.
Baxus, the blockchain marketplace for spirits, has announced a $5 million seed round led by Multicoin Capital with participation from Solana Ventures and FJ Labs, among others. In addition to Solana Ventures, Alex Kehaya and Austin Federa (from the Solana Foundation) also participated in the financing, as well as Frank Chapparo (The Block).
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In twitter.com/BAXUSco/status/1785653285937934586″ target=”_blank” rel=””>an adThe US-based startup said the proceeds will allow the exchange to continue its mission of “bringing liquidity and transparency to the gigantic $470 billion global luxury wine and spirits market.”
“Our goal to modernize the collectible spirits market by bringing it online and building a liquid marketplace that seamlessly connects buyers and sellers is embodied by our investors who come from the worlds of web3, traditional finance and whiskey.”
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According to Baxus, buyers on its marketplace do not incur additional fees beyond the listed price, and only a flat 10% fee is deducted upon the successful sale of an item. Consumers who purchase spirits through Baxus receive a non-fungible token (nft) minted in Solana, which validates ownership.
By redeeming the token for the physical bottle or barrel of whiskey, the corresponding nft becomes invalid, Baxus says, adding that the product is removed from the trading platform. The company ensures that all assets are securely stored in its temperature and humidity controlled vaults located throughout the United States.
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