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NBA Star Spencer Dinwiddie’s Cryptocurrency-Powered Social Media App Calaxy Raises $ 7.5 Million

NBA Star Spencer Dinwiddie's Cryptocurrency-Powered Social Media App Calaxy Raises $ 7.5 Million

According to statements released to news, the NBA star Spencer Dinwiddie’s token application Calaxy raised $7.5 million in funding. A deal involving the purchasing of future CLXY tokens resulted in the capital increase disclosed this week.

For Creators, By Creators

Calaxy App, owned by Spencer Dinwiddie, intends to be the “first social media super app designed for creators, by creators.” Calaxy’s COO and cofounder, Solo Ceesay, is a financier who identified an opportunity in building a platform that helps commercialize an online community.

More About Calaxy

Calaxy utilizes the enterprise-grade blockchain network Hedera Hashgraph, a project sponsored by firms like IBM and Google. Calaxy is a mashup of the words “creator” and “galaxy.”

At the moment, Calaxy is in private beta, and the first public version of the app will be available soon. The software will be accessible on Google Play and Apple’s App Store, with early access to the beta version available to those who sign up.

A Token Sale

Last year, Spencer Dinwiddie held a token sale of his contract on the Ethereum blockchain. Dinwiddie’s tokenized contract sale raised $1.3 million, less than a tenth of the project’s $13.5 million goals.

To tokenize his NBA contract, Dinwiddie used Dream Fan Shares (DFS), but he is now using Hedera Hashgraph instead of Ethereum since it brags better transaction throughput.

Becoming A Promoter of Blockchain

The Brooklyn Nets point guard previously stated that he would tokenize his deal in 2019, but the NBA threatened to terminate his contract. Despite this, Dinwiddie persisted in his quest and has now become a promoter of blockchain technology.

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