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BAXUS raises $5 million in funding to develop Web3 Spirits Marketplace

For BAXUS, the funds raised provide a solid foundation for further expansion and improvement of its platform, which can contribute to further growth and success in the cryptocurrency market.

Date: 2024-05-06 Author: Marek Stiller
BAXUS raises $5 million in funding to develop Web3 Spirits Marketplace

BAXUS, a global marketplace for collectible spirits, has completed a round of seed funding to improve its Web3-enabled trading platform .

According to a press release made available to Cryptonews.com, the $5 million funding round was led by Multicoin Capital with significant participation from Solana Ventures, Narwhal Ventures, FJ Labs, and well-known angel investors.

BAXUS will leverage the advantages of Web3

The company plans to use the newly raised capital to improve its sensor and vault technology. The investment is aimed at satisfying the growing interest of retail and institutional collectors in the high-value spirits market.

BAXUS is transforming the collectible spirits market by moving it online, operating on the Solana blockchain.

The marketplace would use web3’s open payment infrastructure, which helps reduce costs, increase transparency and provide liquidity in a market that has traditionally been fragmented and offline.

In addition, BAXUS offers a variety of payment options, supporting transactions with credit cards, ACH, direct bank transfers and cryptocurrencies, including USDC.

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“We have created the first and only trading platform for spirits collectors that provides pricing data, vault solutions and access for everyone,” said BAXUS co-founder and CEO Tzvi Wiesel. “From occasional tasters and novice enthusiasts to serious collectors from around the world.”

“With these funds, we are poised to scale up BAXUS, modernizing an outdated wine and spirits market,” – Wiesel said. “Our goal is to significantly expand our market share to make collecting and trading as simple as a trip to the liquor store or exchanging tokens online.”

Disadvantages of a conventional offline market

The release said that collectible wines and spirits are among the fastest growing and most profitable asset classes, and forecasts indicate that the global market for luxury wines and spirits will grow from $250 billion to $470 billion by 2032.

Despite this growth, the market has remained predominantly localized, disconnected and dependent on auction-based sales. This structure has made it illiquid , inefficient and opaque, creating pricing and sourcing challenges for collectors.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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