Binance invests in the NFT marketplace NFTb, co-founded by a Ukrainian

The fund of the largest cryptocurrency exchange Binance invested in NFT marketplace NFTb, one of the co-founders of which is a Ukrainian entrepreneur, Olexiy Fedorov, and his team. It is reported by The Block and several other media outlets about cryptocurrencies. Binance confirmed the deal itself but noted that there were inaccuracies in the media news about it.

Details of the deal

The financial details of the deal have not been disclosed, and there is no information about it on the official websites of Binance or NFTb. However, the NFTb platform’s main product, the NFT marketplace, runs on Binance Smart Chain (BSC). Also, the company has a blog post about its recent funding raised to grow the BSC ecosystem. It is reported that the raised funds will be used to build an NFT and digital goods marketplace. The platform is already running on BSC in test mode, and is expected to launch for general availability soon.

When asked by AIN.UA, Binance confirmed that the deal did take place, but the details will be reported later. “The investment is part of the Binance Smart Chain Accelerator Fund,” the company said.

Previously, NFTb announced a $200,000 round from Spark Digital, Next Ventures, and Rarestone Capital.

About the project

The NFTb platform is a marketplace for the sale of non-fungible tokens (NFTs) built on the Binance Smart Chain (BSC). Other features of NFTb include the ability for creators to donate a portion of the money from the sale of NFTs to charity during the transaction. Among the available features are NFT minting, catalog, buying and selling digital goods, a personal account, etc. Since the project is hosted on the testnet, transactions do not require the spending of real funds.

A non-fungible token (NFT) is a unit of data stored on a digital ledger created on the blockchain, which allows obtaining ownership of goods that exist only online (image, video) and, at the same time, proves their originality.