Cryptonitix raised $3.6 million through a private token sale

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Crypto Regulation
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CryptoNitix raised $3.6 million in a private sale of the VERSE token, The Block reports.

Digital Strategies, KuCoin Ventures, Blockchain.com, ViaBTC Capital, Redwood City Ventures, 4SV, BoostX Ventures, and Roger Wehr, Jihan Wu and David Wachsman participated in the token sale as private investors.

The company describes VERSE as an inter-network utility token and an ERC-20 standard management asset. CryptoNitix compares its features to the coins of the Crypto.com (CRO), Binance (BNB) and FTX (FTT) platforms.

The issuance will be 210 billion VERSE over seven years in equal batches.

15% of the tokens will go to the project team, 34% to the developer fund, and 35% is expected to go to incentive programs in the ecosystem. 16% of the VERSE issue is for sale.

The company's current products include a non-custodial wallet, a cryptocurrency exchange service and a news site. CryptoNitix has more than 4 million monthly active users and 30 million registered wallets.

As a reminder, projects such as NFT platform Quidd ($5 million) and Panther Protocol DeFi ($22 million) have used tokenseals to raise funds in recent months. In the first case, the sale was private, in the second - public.

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Gustaf Kilander

Gustaf is an all-rounded cryptocurrency writer who has written for several publications in the fintech industry. Having graduated from the University of Essex Colchester, he developed a passion for blockchain technology and has been curious about how the blockchain can modify the traditional financial industry.